Thursday, March 12, 2009

The citizens of Peoria want to improve their great city. The City has responded by creating an Enterprise Zone and Tax Increment Financing Districts that provide substantial incentives for redevelopment of the Heart of Peoria.

The downtown area is the home for many dynamic businesses, with nearly 20,000 employees working downtown. The riverfront is beautiful. But the city needs more housing and more retail.

To get that we need more developers and entrepreneurs. The city has many quality developers, but more investment is needed.

A new start up Heart of Peoria Development Corporation could raise the funds necessary to kick start the redevelopment of the area around downtown. The company would be for profit and would raise capital and hire the CEO who would lead the redevelopment. Alternately, no staff would be hired – the Corporation would simply partner with developers. Sources of funds would include private investment and pension funds. The company would focus on redevelopment in and near the downtown, including but not limited to the Warehouse District, the Waterfront, Renaissance Park, Eagle View, and other redevelopment areas.

The Board must be respected civic leaders of impeccable reputation. The Board should have some real estate redevelopment experience, but the primary need is for business leaders who want to make money for their stockholders and see the city improve.

More information on the pages below: