New Hotel in East Peoria?
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Reported by: WMBD/WYZZ TV - Sarah Barwacz
Thursday, Jul 10, 2008 @03:57pm CDT
WMBD/WYZZ TV – EAST PEORIA -- East Peoria could soon be home to another hotel
just down from the Embassy Suites. It will be a six story Holiday Inn with
about 140 rooms on the riverfront. The hotel could generate $400,000 to
$500,000 in tax revenue each year. In the meantime, the city of Peoria is trying to help its downtown
hotels stay competitive. They're researching a 'hospitality improvement zone' or
a TIF district. If hotel owners upgrade their property, their taxes would go
up. That tax money would be put back into the hotels hands to help with the
upgrades. City council members won't vote on the 'hospitality improvement zone'
until the end of October. East Peoria City Council will vote on the Holiday
Inn project next Tuesday. If approved, developers say they could start ground
breaking as early as this fall.
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