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The barren land and soon-to-be home to East Peoria’s downtown is moving toward development following action at the Dec. 13 city council meeting.
All five council members voted to approve a property purchase agreement with Costco, the first of many steps in the city’s attempt to make a long-envisioned downtown a reality.
“Even though this is a very good sign, we’re not at the final phase by any stretch of the imagination,” said East Peoria Mayor Dave Mingus on Thursday. “There’s still more to go as far as more defining agreements that will go forward to confirm the construction.”
Costco will pay the city of East Peoria $1.5 million for the 15-acre plot of land off Washington Street that the city hopes will house the warehouse retail giant. As a part of the deal, the city of East Peoria will prepare the land for construction at a cost estimated to be $1 million and $2 million. The resolution will be up for a second reading at the Dec. 20 meeting.
The deal was struck between the city and Costco alone, but Cullinan Properties is set to receive $250,000 from the city for helping arrange the deal as part of the city’s agreement with the developer in late November.
“Cullinan was very instrumental in bringing the deal to us,” said Mingus.
Costco will be more than just a new grocery store for the city. According to the agreement, the retailer could also house a pharmacy, tire sales and installation center, gas station, photo processing, deli and bakery.
The land agreement with Costco is just the beginning of the city’s plans to develop the property that used to be owned by Caterpillar.
Following the development agreement, Cullinan is working to bring Target, in addition to 100,000 square feet for other retailers, to East Peoria’s downtown. The development is also expected to include a business-class Holiday Inn and Suites and a commercial banking center for Morton Community Banks.
Construction for Costco and other developments is expected to begin in 2012.
“(This) is a regional development, not just a city of East Peoria development,” Mingus said. “The magnitude of Target, Costco and all the other stores, businesses and services that will come from that downtown area will truly affect the entire region.”
The barren land and soon-to-be home to East Peoria’s downtown is moving toward development following action at the Dec. 13 city council meeting.
All five council members voted to approve a property purchase agreement with Costco, the first of many steps in the city’s attempt to make a long-envisioned downtown a reality.
“Even though this is a very good sign, we’re not at the final phase by any stretch of the imagination,” said East Peoria Mayor Dave Mingus on Thursday. “There’s still more to go as far as more defining agreements that will go forward to confirm the construction.”
Costco will pay the city of East Peoria $1.5 million for the 15-acre plot of land off Washington Street that the city hopes will house the warehouse retail giant. As a part of the deal, the city of East Peoria will prepare the land for construction at a cost estimated to be $1 million and $2 million. The resolution will be up for a second reading at the Dec. 20 meeting.
The deal was struck between the city and Costco alone, but Cullinan Properties is set to receive $250,000 from the city for helping arrange the deal as part of the city’s agreement with the developer in late November.
“Cullinan was very instrumental in bringing the deal to us,” said Mingus.
Costco will be more than just a new grocery store for the city. According to the agreement, the retailer could also house a pharmacy, tire sales and installation center, gas station, photo processing, deli and bakery.
The land agreement with Costco is just the beginning of the city’s plans to develop the property that used to be owned by Caterpillar.
Following the development agreement, Cullinan is working to bring Target, in addition to 100,000 square feet for other retailers, to East Peoria’s downtown. The development is also expected to include a business-class Holiday Inn and Suites and a commercial banking center for Morton Community Banks.
Construction for Costco and other developments is expected to begin in 2012.
“(This) is a regional development, not just a city of East Peoria development,” Mingus said. “The magnitude of Target, Costco and all the other stores, businesses and services that will come from that downtown area will truly affect the entire region.”
