PEKIN, Ill. (WMBD) — Pekin’s Court St. could be the next Levee District.
A plan to bring more money into Pekin was approved Monday night during Pekin’s City Council. A new Business Development District along Court St. is estimated to bring in more than $3.5 million a year.
Mayor Mark Luft said other communities drive through Pekin to shop in East Peoria. He said it is time to invest in Pekin.
This approved plan however does come at a cost to taxpayers. Council also approved a 1% sales tax increase. Council said they hope to offset the tax increase by lowering property tax and wastewater fees.
Mayor Luft said the sales tax increase is a penny on the dollar. That would go into effect in July.
The council said they hope the redeveloped East Court Village will make businesses find Pekin more attractive to locate. Cullinan Proerties said during the meeting it wants to invest $14 million into East Court Village.
Cullinan is behind the Shoppes at Grand Prairie and the East Peoria Levee District. Cullinan said it wants to do something similar to Pekin’s BDD. The redevelopment plan presented during the council is to renovate the old Bergner’s building.
Despite the pandemic, based on Cullinan’s plan, renovations could begin next summer, and the Pekin community can expect national retailers to compliment Pekin’s downtown in two years.
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