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Peoria finances improve after spring dive

Sales taxes rise, developers incoming for city

Posted 9/1/20

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Hopefully everybody is trying to be responsible, limiting contact with others, wearing masks and buying from local business when possible.

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Peoria finances improve after spring dive

Sales taxes rise, developers incoming for city

Posted

No doubt the pandemic has been tough.

Hopefully everyone is trying to be responsible, limiting contact with others, wearing masks and buying from local business when possible.

Unfortunately, the local business community has been hit hard because of forced closures and low consumer spending, with many teetering on the edge of shuttering.

At the end of July, more than 18% of local business were not operating fully or at all, compared with January before the pandemic, according to Peoria officials.

But sunny news recently came out of the city’s financial and planning departments.

The city’s sales tax revenue, which Peoria relies on for operations, took a jump after the early months of the pandemic signaled a picture of doom and gloom.

Revenues climbed 8% in May and 14% in June compared with this time last year, and June experienced the most city sales tax revenue of any month other than December during fiscal year 2020.

This was a far cry from March and April when revenues were down 5% and 13%, respectively.

Whether the revenue streams will continue on this path is unknown, but city officials said it was good news.

Like sales tax revenue on the ups, so too are development projects throughout Peoria.

The planning and zoning commission recently met and discussed what lies ahead in terms of development.

City planners brought out their crystal ball and shared what may be in store for development in the coming months and year.

They said there are some commercial projects in the conceptual phase they could not speak about at this time and there are a lot of opportunities being discussed, hinting at a big project that could be considered for approval in the coming months.

“Early next year, something could come before the commission,” Planning Manager Lorie Dever said, stopping short of providing more information.

Planners said development cases are picking up after a slowdown during the early months of the pandemic, with projects moving forward making it busier than it has been in a while.

Planning and Community Development Director Chris Jacques said commercial properties are being repositioned to mixed-use for more housing. He said to expect more multifamily in the area of Peoria Crossing at 91st and Northern avenues, as well as in the area of Camino A Lago Marketplace at Deer Valley Road and Lake Pleasant Parkway

“There is continued activity in the middle to northern portion of Peoria. Lake Pleasant Heights is under construction right now, and we’ll see more multifamily in that area,” he said. “We have major development cases scattered throughout the city, which has been very well received and beneficial for us — redevelopment, infill and new development.”

Office space has been one of the holes in Peoria’s economic development portfolio and with the pandemic causing a change in what offices could look like in the future, the city is considering options other than the traditional office space model, used five days a week and eight hours a day.
Models could shift to more of a collaborative space where employees come to work a few times a week.

Ms. Dever said flex space could emerge as a more popular use in the future, being incorporated within the city’s employment areas.

Flex space is generally referred to within the context of industrial or office space, taking the form of smaller suites grouped around shared facilities, such as conference rooms or kitchens. Flex space is like a co-working space but for small to mid-size businesses that might not want to commit to a long-term office lease yet.

Ms. Dever cited the city’s incubator program as a possibility for flex space.

She said the city wants to get out of the way of the regulatory process and if a business fits and works within the character of a certain community it should be allowed to adapt and evolve as needed.

The planning department is working with the economic development department to go after target industries to figure out what they need for their workforce, she said.

“Are office spaces going to look the same? Maybe, maybe not. But we want to have the regulatory requirements in place so we are not overburdensome so we actually get the type of development we are looking for,” Ms. Dever said. “So it’s not only workforce space, it’s the community that comes behind it. So we want to make sure we have the workspace, the residents, and the open space and community and amenities that come with the package. It’s not just the business, it is the families and everybody else behind it that makes the difference.”

Philip Haldiman can be reached at 623-876-3697, phaldiman@newszap.com, or on Twitter @philiphaldiman.