Peoria Gardens Project: 3 Bids Submitted for New Homes

Three local developers have submitted bids to develop a new neighborhood on the city-owned Exposition Gardens property. The proposed subdivision is planned for 200 homes on the 70-acre site. City Manager Patrick Urich indicated that a team of city staff will interview the developers, with a recommendation expected to be presented to the Peoria City Council within the next four to six weeks for final approval.

The chosen developer will benefit from incentives within Peoria's urban enterprise zone, which was added to the Exposition Gardens property on June 23. These incentives include sales tax exemptions for building materials purchased within Illinois. Furthermore, future homeowners may qualify for property tax exemptions covering approximately 35% of their tax bills. However, a prior agreement with Peoria Public Schools prevents the establishment of a tax-increment financing district on the land.