Economic Profile - City of Peoria

2008-03-08T05:17:00.001-08:00

Economic Profile and Development Summary

Built on a base of heavy manufacturing and best known as the “home” of Caterpillar, Inc., Peoria’s primary economic activity has long been associated with the manufacturing of earthmoving equipment, such as Caterpillar and Komatsu-America International Co. Other prominent manufacturing firms in other industrial classifications include Keystone Steel & Wire Company and O’Brien Steel.

Prior to the early 1970’s, Caterpillar and other related manufacturing businesses were the primary employment base for the City. However, manufacturing has given way to the services and trade sectors such as health services, insurance, retail and telemarketing. The City’s greatest area of diversification has been the medical and technical fields, which provide more than two out of every three jobs.

The City has The National Center for Agriculture Research, USDA’s finest agricultural research lab, and Biotechnology Research and Development Corporation, the first company in the United States to provide a link between the private sector and the federal labs and resources.

Additionally, the City’s growth includes technology-based firms involved in direct marketing, insurance, electronics, computer graphics, telecommunications and retail advertising. Included are companies such as Affina, A T & T, Afni, Customer Development Corporation, Multi-Ad Services, Inc., Dynamic Graphics, Inc., and RLI Corp.

Northwoods Mall and the Shoppes at Grand Prairie lead the regional center for commerce and distribution. Other major shopping centers include Campustown, Evergreen Square, Glen Hollow, Knoxville Square, MidTown Plaza, Metro Center, Northpoint, Sheridan Village, Westlake, Prairie Point Shopping Center and Willow Knolls Court. The Shoppes at Grand Prairie, a 500,000 square-foot retail center, which opened in 2003 is anchored by a Bergner’s, Border’s Book & Music, Dick’s Sporting Goods and Linen-N-Things. Numerous restaurants, shops and big box stores are opening in the area surrounding the Shoppes including: Home-Depot, Pier One, Java Joes, Gander Mountain and TGI Friday’s. Rave Motion Pictures opened an eighteen-screen theatre at the Shoppes.

A Super Wal-Mart opened in the Autumn 2003 in Growth Cell 2 and a super Menard’s began construction in the spring of 2007 adjacent to the Super Wal-Mart. Numerous restaurants and outlots have been completed in this area as well.

In fiscal year 2007, the City looked at ways to redevelop the Central and Southern areas of the City and determined that these areas would best be served by creation of two Tax Increment Financing Districts (TIF), the Eagleview and Warehouse District TIFs. These TIFs were approved by the City Council in June of 2007 and are set to spur additional development in the oldest areas of our City.

In June of 2007, the City Council approved the form based code as specified in the Heart of Peoria Plan, which was created by Duany Plater-Zyberk & Company in 2002. This planning document will shape the growth of Peoria’s downtown, West Main Street and adjoining area.

In 2004, the City established a Medical/Technical District later renamed Renaissance Park. A collaboration between Caterpillar, the University of Illinois College of Medicine, Bradley University, the National Center for Agricultural Utilization and Research, Methodist Medical Center and OSF Saint Francis Medical Center, the City and Peoria NEXT, Renaissance Park seeks to capture and cultivate the medical and technology research companies born from the areas’ institutional partners. Peoria NEXT purchased two blocks along West Main Street and in collaboration with Caterpillar, constructed a $13.6 million, 48,000 sq. ft. business incubator, the Peoria NEXT Innovation Center, which will provide a location for start up medical and technical businesses to receive assistance and eventually to expand into our community, thereby enhancing the economic impact for this City. The grand opening for the Peoria NEXT Innovation Center was held in August 2007.

In 2007, the City, through its Economic Development Department (the “Department”), provided $480,000 in loans to small businesses in the City and provided $9.5 million in Private Activity Volume Cap funds to the Assist first-time homebuyer program that directly benefited over 363 citizens in the City, with down payment and below-market interest rate assistance.

The Peoria Civic Center, which opened in 1982, has served as a catalyst for growth in the hotel, restaurant, and retail industries. The Civic Center is a three-building complex including an Arena, Exhibit Hall and Theater. In 2005 the Civic Center began construction for a major expansion and renovation of the Exhibit Hall and Arena. This $55 million expansion increased the square footage of the Civic Center from 700,000 to 900,000 square feet. New concessions and restrooms were added and existing facilities were upgraded. Currently operated by a private management company (SMG), the Civic Center hosts sporting events, conventions, exhibits and a variety of performing arts. The Civic Center is the home of the Rivermen hockey team. Hotel, restaurant and amusement (HRA) taxes are collected by the City to provide for adequate funding of capital improvements of the Civic Center.

In November 1991, the Par-A-Dice Riverboat started operations on the Illinois River. The Par-A-Dice draws thousands of tourists weekly with annual passenger counts of 1.3 million admissions during 2006. Through an inter-governmental agreement with the City of East Peoria, the City is sharing the gaming proceeds from the boat. This revenue sharing has not only resulted in a new revenue source, which the City has dedicated primarily to debt service payments on the construction of a new police building and other capital projects, but it has also generated increased revenues from hotels, restaurants, parking, and other services that visitors to the riverboat patronize.

Within the next 10 years, a substantial investment will be made over a 8,000 acre area within the City’s older areas, to bring the combined sewer outlets into compliance with IEPA and USEPA requirements. In 2007 the City invested $2.2 million to hire a consulting firm to create a long term control plan, with anticipated completion for the plan set for December 2008. Once the plan is completed and approved by IEPA and USEPA, the City will begin implementation. A total dollar amount for the implementation has not yet been established.

Educational Institutions

The City has the largest public school district in the Peoria MSA. Peoria School District Number 150 (“District 150”) has 14 primary schools, 10 middle schools, 4 senior high schools, one alternative high school, one Fine Arts magnet school (K-8), one early education center, one gifted school (5-8), one adult education center, and one with programs for students with special needs (Developmental Center, Jamieson, Day Treatment, Transition to Success and the Children’s Home programs). Total enrollment for the Fall of 2007 school year was 14,307. The District employs approximately 2,740. On August 25, 1993 the Valeska Hinton Early Childhood Education Center was opened in Southtown for 270 children aged 3 years through the 1st grade of school. This center provides a three-prong approach for developing childhood learning skills and offers a comprehensive program that teaches enrollees’ parents good parenting skills. The center is also a professional development site where other teachers in the district are trained. In addition to the public school system, the City also has a number of parochial and private schools. The District has plans in place to build a new Harrison Community School. Ground breaking should take place in early spring 2008. Another new school will be built in the near future in the Woodruff area for grades K-8.

Until recently, District 150 was the primary school district serving Peoria. While the large majority of students residing in the City attend District 150, the Dunlap School District 323 located in the northernmost part of the City has become another district drawing many pupils from the City. During the past few years, the City has annexed a large portion of land north of the City. This land is being developed for residential and commercial purposes. Some 3,051 students are enrolled in the Dunlap School District. Over 85% of the equalized assessed valuation of the Dunlap School District is within the City.

Peoria is the home of Bradley University, a private university with nationally recognized graduate and undergraduate programs in fields such as engineering and business. Bradley's Fall of 2007 enrollment was 6,055 consisting of 5,217 undergraduate and 838 graduate students. In the U.S. News and World Report Bradley University was ranked as 6^thamong Midwestern comprehensive universities in America’s Best Colleges. Bradley’s rating improved in seven areas including academic reputation, retention and graduation rate.

On April 27, 2007, Bradley University broke ground for the 130,000 square foot Markin Family Student Recreation Center. The center is expected to open in the fall of 2008. The Center, named in honor of David R. Markin, a 1953 graduate of Bradley, who has given a gift of $8 million to Bradley, will include four basketball courts for intramural and recreational games, a championship basketball court, a 1/8-mile running/walking track, a climbing wall, juice bar, indoor pool, weight room, exercise rooms, and other amenities. The University's Health Services will be located in the lower level, as will two labs to support the Department of Nursing.

Illinois Central College (“ICC”), a junior college located in East Peoria, has a satellite campus in downtown Peoria. In addition to typical college courses, ICC's downtown campus provides a full professional development curriculum and houses major teleconference facilities. ICC completed the renovation of a vacant building in downtown Peoria at a cost of $4.9 million during the mid-1990’s. This additional satellite campus facilitates those enrolled in the health occupations and police and fire science curriculums. Additionally, ICC converted the State of Illinois former George A. Zeller Mental Health Center into their northern campus. ICC’s current enrollment is 10,440 full-time and part-time students. ICC employs 1,102 full and part-time personnel. In 2007 the City began meetings to facilitate implementation of a new initiative called Peoria Promise. Peoria Promise provides an opportunity for qualifying City high school graduates to receive a scholarship covering full time tuition and books utilized in securing a degree or certificate at ICC. It is believed that this program that will develop quality young professionals and retain them in this area.

The University of Illinois College of Medicine, Nursing and Public Health (Peoria Campus) is also located in the City and enrolls approximately 50 students.

Eureka College, located 20 miles away in Eureka, Illinois, enrolls 680.

Recreational Facilities

Pleasure Driveway and Park District of Peoria (the “District”), organized in 1894, was the first park system formed in Illinois. The District’s boundaries encompass approximately 60 square miles in Peoria County with park and open space holdings in the City, Peoria Heights and outlying townships of approximately 8,600 acres. The District leases an additional 698 acres. Much of the land was acquired through matching grants from the federal Land-Water-Conservation Fund, the Illinois Open Space Lands Acquisition and Development program and many generous gifts and donations. The numerous facilities are located on 66 park sites and include 133 buildings owned by the District and one that is leased.

The River Plex, which opened August 6, 2001, is a public/private partnership among the District, the City, OSF Saint Francis Medical Center with contributions by the Bielfeldt Foundation. (Also see “Riverfront Development” herein). The facility is owned and maintained by the District on land leased from the City. The multi-purpose activity arena is managed and operated solely by the District and can be used for basketball, volleyball or tennis courts, an indoor soccer facility or in-line hockey rink, golf hitting nets for lessons, special events or sports classes. OSF Saint Francis Medical Center and the District manage the Family Fitness and Wellness Center including the Family Aquatic Center, an indoor/outdoor pool. The OSF Managed/Clinical Space provides clinical outpatient rehabilitation programs, wellness programs and classes. The City provided land, parking areas and utilities/infrastructure.

According to the District it ranks first in the State and is one of the top public park systems in the nation based on its ratio of open-space holdings to population. The District has been awarded the National Recreation and Park Association’s Gold Medal Award twice and is also one of only eight Illinois park districts to be accredited as a Distinguished Park District.

Medical Institutions

The City is considered the regional medical center for Central Illinois with four major hospitals, a Veterans Administration Clinic, the University of Illinois Medical School, and opening in the near future the Cancer Research Center. Both the V.A. Clinic and Medical School were constructed as a result of the City's redevelopment initiative.

In 2006 OSF St. Francis, located adjacent to Renaissance Park, began a $234 million expansion which is the largest in the City’s history, adding 440,000 sq. ft to their existing facility. Additionally, OSF has just completed a $34 million 1,800 car deck, a $2.6 million LifeFlight hanger at the Peoria airport and a $4.3 million helipad at the hospital.

Methodist Medical Center announced plans for a $350 million two-phase replacement campus for its 350 bed hospital. The new campus will replace outdated buildings with an all digital facility and will include 100% private facilities.

Cullinan Medical I purchased property in Southtown for construction of a 100 bed long term acute center in the heart of the City with overall private investment of $20 million. Construction of this medical facility will begin in 2008.

During 2006, The Peoria Surgical Group began construction of a physician’s complex with a private investment of $15 million. This complex is located on the University of Illinois College of Medicine Peoria (UICOMP) Campus in the Southtown TIF district. (Also see Southtown TIF herein).

In mid 2007, development of a $12 million state-or-the-art Cancer Research Center, was announced. This Cancer Center will also be located at the UICOMP Campus. (Also see Southtown TIF herein.)

The City’s medical facilities are among the top twenty-five non-manufacturing employers in the area.

Peoria Enterprise Zone

Peoria’s Enterprise Zone is a specially designated area in which tax incentives and direct financial assistance can be provided to firms locating in commercial/industrial areas adjacent to the Illinois River, Pioneer Industrial Park, Mt. Hawley Industrial Park, West Main Street Corridor, and several parcels in the Targeted Growth Area.

The West Main Street corridor is being utilized to create a Medical/Technology District linking Methodist Medical Center, OSF Medical Center, University of Illinois School of Medicine, Bradley University, Caterpillar Inc. and the U.S. Agricultural Lab.

As an incentive to attract major projects to the City, Peoria expanded its Enterprise Zone six times during 2007. Major projects that were incentivized were the $25 million expansion at Junction City; the $6 million relocation of the new Firefly battery facility; the new $18 million the Long Term acute care facility; and a $10 million retail/commercial development on Peoria’s north side. As a result, eligible firms are able to participate in a variety of financial incentives designed to encourage businesses to locate or expand in the Enterprise Zone. City reports show that in 2007, there were 105 development projects within Peoria’s Enterprise Zone and the area was expanded to 7.5 square miles. Private investment in the Enterprise Zone for 2007 totaled $58 million. This resulted in the creation and/or retention of 1,295 jobs. It is anticipated that in 2008, the Enterprise Zone will again be expanded to accommodate new commercial and industrial development as well as incorporate a residential component to the enterprise zone. While the City’s Enterprise Zone will expire in 2013, staff continues to work with legislators to lobby for legislative changes allowing enterprise zones to exist for more than the 30 years currently allowed.

Effective utilization of the City’s Designated Zone Organization (DZO) resulted in maximum potential tax savings to Riverfront Peoria, the Peoria NEXT Innovation Center and the Peoria Riverfront Museum corporate contributors.

Riverfront Development

Beginning in 1992, the City's downtown redevelopment efforts have focused on the revitalization of the riverfront culminating in a united effort on the part of private developers, the Peoria Park District, the Economic Development Council, and the City. Other significant contributions include pledged grants from Caterpillar and The Bielfeldt Foundation. A minimum of $150 million in new commercial development is being generated by the Riverfront, which includes Festival Park, One Technology Plaza, PMP Fermentation, Inc., Riverfront Village and Riverfront Landing.

Major development projects include the following:

The City and Lakeview Museum approved a redevelopment agreement for the Peoria Riverfront Museum (PRM) and Caterpillar Visitor’s Center to be developed on the site of the former Sears Building. The total project cost is estimated at $120 million. The $65 million PRM building will be over 86,000 sq. ft. and will include a planetarium and IMAX type theater. A 135 underground car parking deck will connect the PRM with the Caterpillar Visitor’s Center allowing access to the facilities year round without being effected by inclement weather. Related infrastructure improvements and street upgrades are also planned and additional private and complementary uses for this 7.2-acres site along the Illinois River. Groundbreaking for this Museum will be in 2010.

One Technology Plaza was developed with the cooperation of Prudential Cullinan Properties, Ltd., Clark Engineers, the Community Career & Technology Center Corporation, Caterpillar Inc., Illinois Central College and the City. The structure includes the Workforce Development Center, Community Career & Technology Center, the Regional Superintendent of School’s Technology and Training Center, over 120,000 square feet of other leaseable space and a 1,146 space parking garage completed in 1999. The City provided funding for the parking deck.

The Peoria Park District in cooperation with OSF St. Francis Medical Center completed construction of the River Plex, which opened in 2001. The 115,000 square foot project includes an indoor and outdoor aquatic center, a clinical rehabilitation area, indoor soccer field, basketball courts and wet/dry playground. The Bielfeldt Foundation contributed $5,000,000 to this project. The City provided funding for parking and adjacent accessways.

In 2000, 401 Water Street, formerly an abandoned warehouse, was renovated to accommodate residential loft condos and mixed commercial/office/retail development. 401 Water is the first mixed use development in the Central Business District and has been a great success with occupancy at 100%.

The Gateway Building provides meeting rooms and activity space for public and private use. Funding was provided by the City and a donation, in the amount of $1,200,000, by Caterpillar Inc.

Other completed projects include the renovation of the Spirit of Peoria riverboat and Landings Entertainment Center, Riverfront Visitors Center, and the downtown segment of the bicycle and walking trail.

Two pleasure boat marinas are included in the Riverfront area for transient boaters.

The Transit Center, a cooperative effort with the Greater Peoria Mass Transit District, resulted in the construction of a permanent facility and bus transfer site. Citylink’s transit center transit center opened in fall 2003.

Tax Increment Financing Districts

The City of Peoria has developed nine TIF Districts. The TIFs help these areas redevelop, and the value of these areas has gone up each year since the TIFs began. The redeveloped areas create jobs and vitality in the districts.

Southtown TIF

The Southtown TIF was created in November 1978, expires in 2013 and covers 303 acres. It is bounded by Kumpf Boulevard, Main Street, Martin Luther King, Jr. Drive, MacArthur Highway and Jefferson Street. The main objectives are elimination of blight, total clearance and development of residential, office, industrial, institutional and public facilities.

In 2006, the City entered into a contract with Spring Grove Construction Ltd., for Phase III, the final phase, of the Spring Grove residential subdivision. This Phase will consist of construction of 8 new homes with market value of between $130,000 and $250,000. This subdivision was a part of the original plan and was started in 1995.

The UICOMP, Nursing and Public Health (Peoria Campus) is also located in the City’s Southtown TIF and enrolls approximately 50 students. In December of 2005, a group of area doctors signed a 50-year lease with the UICOMP to operate a physician's building on the medical school campus. Approximately 40 doctors will invest more than $15 million for a four- or five-story medical office on more than five acres at the UICOMP. The City assisted the development by allocating $4 million in TIF funds for construction of a parking deck. As part of the plan for continued growth, the new Peoria Cancer Research Center will be constructed adjacent to the UICOMP main campus. The building will have two stories and provide parking for doctors and patients. The new facility will have 20,000 square feet of office and laboratory space with 10,000 square feet on each floor. There will be laboratory and office space for one professor, four associate professors and four assistant professionals as well as space for other research. The new addition to the medical campus will unite patient care, basic science and the research that bridges them. The center will encourage stronger ties among staff in different fields and disciplines by maintaining the college's traditional balance between research and clinical activities. The development of the $12 million Cancer Research

Center continues the City’s role as hosting one of Illinois’ major medical complexes.

The City entered into a Purchase Option with Cullinan Medical I for their purchase of a 6 acre City-owned site in the Southtown TIF, which will be utilized for construction of a Long Term Acute Care Center with anticipated private investment of approximately $20 million. This project will bring 100 diverse new jobs to Southtown.

Other businesses and services located in the TIF are Caterpillar, CBT, CityScape Apartments, Cranes & Equipment, First Capital Bank, HCH Administration, IL Assn. of Neurosurgery, Renal Care Center, Spring Grove Residential, Staybridge Suites, Superior Consolidated, Technicraft, U. of I. College of Medicine, Valley Park Shopping Center, Valeska Hinton School, WW Grainger, Orthopedic Institute, Plattner Orthopedic, Kirby Risk and American Red Cross, Great Plains Sports Medicine and Institute of Physical and Medical Rehabilitation.

Midtown TIF

The Midtown Plaza TIF was created in March 1999, expires in 2022 and covers 9.5 acres. It is located on Knoxville Avenue between Nebraska Avenue and Richmond Avenue. The main objectives are elimination of blight and providing commercial business and service facilities.

Utilizing proceeds from tax increment financing bonds, the City and the David Joseph Companies partnered to develop MidTown Plaza. This shopping center, anchored by a 65,000 square foot Cub Food Stores, was completed in 2002. An additional 8,000 square feet of adjoining retail is also part of the MidTown development. The City coordinated the acquisition of 63 separate parcels to complete this $15 million project. It is now open and operational. A new restaurant has opened on one of MidTown’s outlots. Future developments include additional commercial development.

Central Business District TIF

The Central Business District TIF was created in December 1986, expires in 2021 and covers 92 acres. It is located in the Central Business District and Downtown portions of the Riverfront. The main objectives are eliminating blight, revitaling the Downtown/Riverfront and providing parking and public improvements.

Demolition was completed on the former Sears building which will be home to $120 million PRM building and Caterpillar Visitor’s Center. This private investment will be assisted with $3.7 million in public dollars, which have been utilized for property acquisition and infrastructure improvements. An upscale restaurant called the Riverstation opened in the Central Business District. This restaurant brought about $600,000 in private investment, with $150,000 in public investment. The City entered into a contract with Randolph and Associates for design of Water Street and infrastructure improvements in conjunction with the Museum block.

Stadium TIF

The Stadium TIF was created in December 2000, expires in 2023 and covers 7.5 acres. It is bounded by Jefferson Street, Oak Street, Adams Street and rear property lines of properties on the southwest side of Oak Street. The main objectives are elimination of blight and development of a stadium.

In the fall of 2000, the City Council approved a development agreement for the construction of a new minor league baseball stadium, to be located in the downtown area of the City, adjacent to the Riverfront and Southtown Redevelopment areas. This private/public project resulted in the construction of a professional minor league stadium providing many of the amenities of a major league stadium. Features include approximately 6,500 permanent seats and approximately 1,000 lawn berm seats, as well as sixteen luxury suites in the upper level, covered concourse with concession stands and restrooms, video board, and a playground area in the left field area. Opening day at O’Brien Field was May 24, 2002.

Northside Riverfront TIF

The Northside Riverfront TIF was created in March 1995, expires in 2018 and covers 105 acres. It is located on I-74 to Spring Street, between Adams and the Illinois River. The main objectives are improve the overall environment and rehabilitate and expand the PMP Fermentation Plant.

This TIF is anchored by PMP Fermentation. This project consists of two plant buildings. Toward the end of 2006 one of their plant buildings closed due to competition within the global market. They are currently reviewing options for use of the empty building.

Campustown TIF

The Campustown TIF was created in December 1986, expires in 2009 and covers 13 acres. It is located on 13 acres beginning at the corner of Main Street and University Street. The main objectives are to eliminate blight and provide commercial and support facilities in close proximity to Bradley University.

Businesses and services located in the TIF are Blockbuster Videos, Bard Optical, Campustown Liquors, Check Into Cash, Supreme Nails, Panda House, Bellacinos, The Hair Gallery Inc., Subway Sandwich Shop, H&R Block, Cookies by Design, Co-op Records, Velvet Freeze, LaBamba Restaurant, Starbucks Coffeehouse and Steak & Fries.

Northside Business Park TIF

The Northside Business Park TIF was created in December 2000, expires in 2023 and covers 214 acres. It is generally bounded by Jefferson Street, Spring Street, the Illinois River and Park Avenue. The main objectives are elimination of blight, expansion of O’Brien Steel, installation of an S-Curve, elimination of Adams Street Row through the Project Area and establishing two-way traffic on Jefferson Street through the Project Area plus establishment of a delineation between industrial and residential uses and provision of commercial/retail opportunities.

In 1999, the City developed the Northside Business Park TIF. O’Brien Steel purchased $1.6 million in processing equipment to expand the processing capabilities. Their shipping area was expanded to Wisconsin during 2006. They continue to hire employees with 175 employees reported at the end of 2007, an increase of 45 jobs over the previous year.

Warehouse District TIF and Eagle View TIF

In June of 2007, the City looked at ways to redevelop the Central and Southern areas of the City and determined that these areas would best be served by creation of two Tax Increment Financing Districts (TIF), the Eagleview and Warehouse District TIFs. These TIFs were approved by the City Council in June of 2007 and have already resulted significant redevelopment with the signing of six new development agreements in the oldest areas of the City.

Warehouse District TIF

The Warehouse District south of downtown and is a mixed area of old industrial lofts, one story industrial buildings, and vacant lots. This area could become a vibrant mixed-use residential and commercial neighborhood. The old industrial lofts could become condominiums similar to the successful development of the buildings on Water Street. The street level space can become viable commercial and retail space. Artists and artisans have already located in this area.

Eagle View TIF

The Eagle View TIF encompasses over 544 acres and is bound by the Illinois River, I-474, Adams Street and is adjacent to a large number of residential units. The plan proposes the Eagle View Biotech Park creating a large high tech industrial park near Darst and Clark north of I-474. The plan also calls for a large conservation area along the Illinois River, the area is known for viewing eagles as well as for fishing and hiking.

Renaissance Park

The City continues its efforts in creating Renaissance Park, a vibrant urban community that offers an abundance of medical, technological and educational resources. Over the past year, Renaissance Park has seen the start and completion of some key capital projects. Included in the area on the borders of Renaissance Park are the OSF St. Francis Hospital project, the Methodist Medical Center project and the Illinois Medical Center medical office complex project.

In addition, bordering the Renaissance Park on Main Street is Bradley University’s $100 million expansion of their campus, including a new athletic fieldhouse and new Markin Family Student Recreation Center. Bradley is contemplating adding a new performing arts center to the West Bluff. The Peoria NEXT Innovation Center is located in the Main Street area. Additionally, in 2007 the City financed a $1.5M streetscape improvement for Columbia Terrace – a crucial arterial road that connects 5 neighborhoods. The project will include new sidewalks, curbs and gutters, landscaping and ornamental lighting. The Renaissance Park Commission continues its work on establishing a special primary school that will focus on math, science and technology.

At the end of 2007, a prosthesis manufacturing company, Comprehensive Prosthetics and Orthotics Services (CPO), purchased a building in Renaissance Park where they plan to invest $1.6 million in improvements to the building and to create 13 jobs.

Targeted Growth Area

The City has entered into intergovernmental agreements with the Greater Peoria Sanitary and Sewage Disposal District and Peoria County for City financed sewer extensions and cooperative efforts relative to the planning and permitting process in the Targeted Growth Area.

Planning efforts envision 800 acres of light industrial development, complemented by 472 acres of residential development, for an area generally bounded by Illinois Route 6 and Allen Road. Immediate planning efforts are also focused on the extension of Pioneer Parkway to connect with a proposed intersection at Illinois Route 6.

Current development activity in the growth cell along Allen Road includes a Super Menards, SUDS, and Prairie Point Shopping Center. Additional road extensions and new streets are also under construction to accommodate warehouse and industrial development adjacent to the new Wal-Mart.

Since the beginning of the four targeted growth cells through December 31, 2006 a total of 2,111 permits were issued for residential units with an anticipated equalized assessed value of $155,229,540.

Other Development

WeaverRidge, a 378-acre residential golf community, began operations and was recognized as the second best new upscale public access daily fee course in the United States for 1998 by Golf Digest. Through establishment of a special service area, the City and Weaver/Cullinan Residential, L.L.C. have produced a successful public-private partnership.

Transportation

Highway transportation is provided by Illinois Routes 6, 8, 9, 26, 29, 40, 74, 89, 90, 91, 98, 116; U.S. Routes 24 and 150; and Interstates 39, 74, 474 and 155. The Greater Peoria Regional Airport Authority (GPRA) provides 28 departures daily serving over 55,000 passengers annually. Three air cargo and package express services are available. The airport serves as the largest regional air hub outside of O’Hare International Airport in Chicago, in terms of passenger flights per day and runway size. The airport’s two runways are 10,104 feet and 8,000 feet in length. In Spring of 2008 the Greater Peoria Regional Airport expects to begin construction of a $4 million relocation of the rent-a-car facility and in Spring of 2009, will begin construction of a $52 million, 130,000 sq. ft. commercial terminal facility.

In addition to the new construction GPRA will be making $10 million in air side capacity enhancements (taxi-way improvements). During the past year daily destination flights have doubled, going from 5 in 2006 to 11 in 2007.

Mt. Hawley airport is a general aviation airport also operated by the Greater Peoria Airport Authority. Additional air facilities are located at the Pekin airport. There are approximately 11 rail carriers and 48 motor carriers serving the City.

Interstate 74 upgrade

Major upgrades to Interstate 74 began in 2002 and were completed in November of 2006. These upgrades extended from Sterling Avenue on the west, to the Pinecrest Interchange on the east side of the river. The upgrade included new entrance and exit ramps for the downtown Peoria area, removal, replacement or rehabilitation of all existing bridges and new highway lighting. The cost of these major improvements was $460 million and is the largest construction project in Illinois outside of Chicago.