The Wonderful Development (aka The Downtown Marriott Hotel Project) is progressing on-budget and on-schedule, according to a report by the City’s project manager, PSA Dewberry. The new parking garage is still expected to be completed by the end of this year, and the renovated Pere Marquette is scheduled to open as the Peoria Marriott [...]
Remember in my last post, how I said Caterpillar had purchased the naming rights for $1 million? Well…
Under the “Purchase” section of the Naming Rights Agreement, one of the conditions that must be met for the deal to go through is this: “Pere Marquette Hotel Associates, L.P., a Kansas limited partnership shall have [...]
One of the most prominent pieces of the hotel redevelopment will carry a corporate sponsor’s name: the Caterpillar Sky Walk.
Part of the downtown hotel project is the construction of a pedestrian bridge over Fulton connecting the renovated Pere Marquette and new Courtyard Marriott to the Peoria Civic Center. Caterpillar, Inc., purchased the naming [...]
The Journal Star reports that the City is all in now. They’ve mortgaged the house to make their bet, and they believe they’re going to win big!
Just consider all the success they’ve had with gambles like this before. We have the beautiful Cub Foods on Knoxville that has revitalized the East Bluff [...]
I just want to congratulate the Peoria City Council on accomplishing something I really thought was impossible. According to the Journal Star, the Council has managed to find a deadline that Gary Matthews was able to meet. This is no small feat. It only took three and a half years, three redevelopment agreements, and [...]
The Journal Star recently published the following quote regarding the Wonderful Development:
“The developer doesn’t need a reminder from the council of the hard deadline in place,” Mayor Jim Ardis said. “He knows he has to deal with any obstacles and put us in a position to close by the end of the month. [...]
Back in January, when the Peoria City Council agreed to extend the Wonderful Development deadline until the end of February, I predicted that “Long about February 21, you can reasonably expect the council agenda to include another deadline extension.” Well, it’s February 22, and guess what? The council agenda for next Tuesday includes a [...]
The City Council is poised to add another funding source to the downtown hotel project next Tuesday. Keep in mind the funding sources already tapped for this project:
HIZ TIF (10/28/2008) — First, they created the Hospitality Improvement Zone TIF (tax increment financing) district. This happened in October 2008 while the mayor and council [...]
You’ll never guess what’s on the City Council agenda for next Tuesday, 24 January 2012. It’s a request to extend the deadline on the downtown hotel project yet again. Yes. “Time is of the essence,” Councilman Spain breathlessly implored in December 2008 when this erstwhile clandestine project was first revealed to the public. Now, [...]
The City Council is voting on a revised redevelopment plan tonight for the undead Wonderful Development. This new plan not only gives the developer $29 million, but also loans him an additional $7 million because he couldn’t get all the private financing he needed.
So the question is, where is this $7 million coming [...]