Sold: 2 parcels for $2.7M

By: 
CAROLYN DRYER, Editor
Calling it land banking to ensure future use, Peoria City Council voted June 19 to spend $2.7 million for two parcels of land totaling 7.51 acres adjacent to the P83 entertainment district. Both parcels lie between 83rd Avenue and Loop 101. The unanimous decision came in two separate votes at Council’s regular meeting.
Real Estate Development Officer Scott Whyte, whose previous title was economic development services director, told council there was limited vacant land along Loop 101, and the parcels could be offered to an emerging market niche. Whyte also said the purchase represents a potential Greenway Road connector for circulation improvement into P83. He said it was a good opportunity for the city to settle the properties.
In his written communication to council, Whyte said the P83 district was a key investment zone for “facilitating economic development activities,” and “it is important to have improved modern buildings and spaces available in Peoria.”
In addition, Whyte said, “A key component of creating building inventory that is attractive to targeted industries calls for property acquisition and market intervention strategies to ensure that buildings are available for commercial/office use opportunities.”
Councilmember Bill Patena asked if other organizations were looking at the properties.
Whyte said the city was first in line, but the sellers had other offers to consider.
Councilmember Jon Edwards said, “We need this property. We do not need more storage in that area. We need to buy this property.”
City Council authorized staff to obtain an appraisal and title report for the properties during its April 17 executive session.
At a June 5 executive session, council authorized staff to execute a purchase and sale agreement for the appraised value of the 4.85-acre parcel, plus 9.7 percent above fair market value and customary closing costs, for a total cost of $1.81 million. In addition, the city authorized an additional $12,680 for annual property maintenance, such as clearing weeds and right-of-way landscaping, which brings the total acquisition to $1.826 million.
Also at the June 5 executive session, council authorized staff to execute a purchase and sale agreement for the appraised value of the 2.66-acre parcel, plus 2.8 percent above fair market value and customary closing costs, for a total cost of $898,000. In addition, the city authorized an additional $6,955 for annual property maintenance, which brings the total acquisition to $904,955.
83rd/Olive rezoning application continued to Aug. 14 meeting
A rezoning application by OPUS Development was continued to the Aug. 14 regular council meeting to give the developer an opportunity to meet with a property owner adjacent to the development proposed for the northeast corner of 83rd and Olive avenues.
The property owner told council at its June 19 meeting he was never approached about the impact the development would have on his property, called an “out parcel,” which lies immediately north of the proposed development.

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