Discussion and possible action to approve a budget amendment in the amount of $1,412,000 from the city's contingency appropriation for administrative fees associated with the State Land Purchase Capital Improvement Project (ED00034).

Development of State Trust lands in North Peoria remains a key component of expanding Peoria's economic development potential.  This vision is not new and has been a top consideration by the current and former Councils.  

In FY25 Council approved and later reaffirmed in the FY26 Capital Improvement Program the acquisition of State Trust lands for the purpose of economic development.  These lands will generate shovel-ready project sites focused on job creation allowing more Peoria residents to work in the City they live and reduce the nearly 90% of residents that currently out commute for employment.  In addition to creating jobs, these lands offer new opportunities to locate commercial/retail businesses reducing the significant sales tax leakage the City currently experiences.

The City intends to participate in an ASLD public auction scheduled for 8/27/2025, successful bid on the property and following acquisition, catalyze the development of North Peoria with this critical project.

On June 3, 2025, City Council approved the Final Budget for FY2026, including project ED00034, State Land Purchase, with a budget of $4,800,000.

On May 13, 2025,  City Council approved the 10-year Capital Improvement Program, including project ED00034, State Land Purchase, with a budget of $4,800,000.