EDA Awards $2 Million Grant To Round Out Funds For North University Project

EDA awards $2 million grant to round out funds for North University project

Pioneer Industrial Park will soon benefit from a $5 million renovation.  With full funding now in place following approval of a $2 million grant from the Economic Development Administration, a one-mile stretch of North University Street from Pioneer Parkway to Townline Road will be reconstructed and modernized.

“It took a team effort over two years to raise the needed funds,” said City Manager Patrick Urich. “I want to thank City staff from the Economic Development Office and Public Works Department, as well as our partners from the Greater Peoria Economic Development Council, for obtaining the support of key businesses and assembling $4 million in grant funds.”

Previously, $2 million in funding was secured from the Illinois Department of Transportation.  The City of Peoria will also contribute $1 million.

Sally Hanley, the Director of Business Assistance at the Greater Peoria Economic Development Council, worked closely with the City of Peoria and numerous businesses in the project impact area to help secure the funding.

“We are very excited to see that the work done over many months has finally paid off,” said Hanley.  “I am excited to have been involved in this important funding effort and to see construction begin.  I look forward to continuing to work with the businesses in that area to help them grow.”

The project aims to create 59 new jobs, retain 303 existing jobs, and leverage $6 million in private investment.

“We’re proud to be a partner in this important investment in our infrastructure,” said City of Peoria Mayor Jim Ardis. “This is important to the 170 businesses who have made significant private investments in this key industrial area of Peoria and we anticipate it will provide stability to the 16,000 employees that they employ.”

The modernization and reconstruction of 5,100 linear feet of road includes widening the roadway from two lanes to three lanes north of the railroad tracks crossing North University, and reconstructing the road south of the tracks. The project will create turn lanes, curbs, gutters, install 10,000 feet of storm water pipes, and strengthen the subsurface of the entire road.

The project is scheduled to begin in May and completed in December of 2018.