The Peoria City Council on Tuesday approved a new ordinance limiting how close “convenience cash” stores can be to each other and residentially-zoned areas:

With a 10-1 vote, the council endorsed an ordinance that restricts new businesses from locating closer than 1,500 feet from each other or any residentially zoned property.

Any changes to allow for a cash store to locate closer than the 1,500 feet restriction will require a special permit granted with approval from the City Council.

The ordinance is designed to keep cash stores from clustering the way they have along University Street between War Memorial Drive and Forrest Hill Avenue, and to keep them from driving down residential property values. At-large councilman Gary Sandberg questioned whether the cash stores drive down values, or if they move into areas where property values are already depressed. He argued that cash stores are a symptom of a bigger problem, not the cause of the problem, and that the council should be looking for and dealing with root causes.