Downtown Projects Get Financial Help
PEORIA -- Peoria's downtown hotel project, and the riverfront museum,
could get find some extra money in their pocket.
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By: WMBD/WYZZ TV - Sarah Barwacz
Updated: May 28, 2009
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.
