WMBD/WYZZ TV – PEORIA -- Peoria's downtown hotel project, and the riverfront museum, could get find some extra money in their pocket. Last night, the city council approved the first stage of a "recovery zone."
Through stimulus funds, it will now be easier for developers to get low interest loans. The hope is developers would see the savings and start more projects, creating jobs in the city.
For projects already in the works, like the riverfront museum, having a low interest loan could save hundreds of thousands of dollars. That means, residents who are funding the museum project through a sales tax, may not to have pay that tax for as many years.
The developer of Peoria's downtown hotel says it's difficult to get financial backing from banks because more than one institution would have to jump on board. He says the 'recovery zone' could reduce his financial burden since the government would be paying for a good portion of the loan.