Plan for Technology Park
High Tech Manufacturing Facility to Peoria
A high tech company is considering a Peoria location for a 1,000,000 square foot building which would cost $30,000,000 plus equipment. They require 60 acres and would hire 850 employees. The company has Peoria connections and would like a Peoria site, but have numerous offers from other States and locations. They are being offered free or very low cost sites, plus large tax credits from the State of Michigan and other Illinois locations.
City and County staff and the company are considering a number of potential sites. We have identified 9 alternate sites, and are getting prices for acquisition and improvements. We have prices for four sites to date. The sites range from $3,000,000 to $10,000,000 for acquisition. The lower cost sites involve a partial sale and donation, and seller will provide terms to roughly match the Enterprise Zone revenue.
The City/County would acquire the site, and pay for the site with Enterprise Zone incentives. Staff estimate that if the Dunlap School District and the Township participate, the Enterprise Zone will generate about $2,400,000 over the remaining life of the Zone (Ends in 2013, payable in 2014). The Enterprise Zone may be extended by the State to provide a 5 year abatement generating $3,000,000. If Dunlap does not participate revenues drop by about 50%
Mayor Ardis has submitted letters to Federal and State officials asking for assistance for infrastructure to support the development. Formal grant submittals are currently being prepared by staff and will be submitted shortly.
Plan
SSA created, revenue pays for some or all of acquisition cost
Federal and State stimulus grant pays for public improvements
State assists with State programs
State asked to consider matching Michigan Tax Credit program
City constructs improvements
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