PEORIA, Ill. – Improvements to Peoria’s Westlake Shopping Center are becoming a little more costly than previously thought.
The Peoria City Council Tuesday approved an amendment to a Special Service Area agreement that will allow the shopping center’s owners to refinance a bank loan.
“Due to some cost over-runs, (Westlake Shopping Center, LLC) is seeking an additional $500,000 from Morton Community Bank,” said Chrissie Kapustka, City Attorney, to council members. “Keep in mind that does not really have an impact on any obligation the city has.”
The sales tax rate in the Special Service Srea will not change, nor will the money the city gave to the project.
“The sales tax levy rate would stay the same,” said Kapustka. “The city doesn’t have any liability upon the added debt or any indebtedness of the SSA. Nothing in the agreement that is proposed increases the life of the SSA, or any period of indebtedness.”
The Special Service Agreement has been in place for Westlake Shopping Center since 2010.
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