Vacant Building Could Become Retail/Apartments
By: Bret Lemoine - WMBD/WYZZ TV
Updated: May 13, 2009
WMBD/WYZZ TV – PEORIA – A long-vacant building on Peoria’s Main Street could soon see a major transformation. Developers are looking to demolish the old Walgreens and erect a new mixed-use building. Plans call for about 8,400 square feet of retail on the first floor, and 130 apartment units above it.
Developers and city officials are now urging Peoria’s School District 150 to join an enterprise zone... It's a partnership that would help provide tax abatement for developers and hopefully spur more development in the future.
Craig Hullinger, Director of Peoria’s Department of Economic Development, says, "All the other taxing bodies in the heart of Peoria are members and they give a five year property tax abatement for this kind of development and industrial development."
Developers say they're hopeful District 150 will be on board. City officials believe District 150 could stand to make $200,000 more every year by joining the enterprise zone. District officials could not be reached for comment on the story.
Developers and city officials are now urging Peoria’s School District 150 to join an enterprise zone... It's a partnership that would help provide tax abatement for developers and hopefully spur more development in the future.
Craig Hullinger, Director of Peoria’s Department of Economic Development, says, "All the other taxing bodies in the heart of Peoria are members and they give a five year property tax abatement for this kind of development and industrial development."
Developers say they're hopeful District 150 will be on board. City officials believe District 150 could stand to make $200,000 more every year by joining the enterprise zone. District officials could not be reached for comment on the story.
