The redevelopment of the old Chase Bank Building in downtown Peoria is one step closer to reality.
The Peoria city council last night okayed a redevelopment agreement with OSF Healthcare Systems to renovate the 7-story building in the 100 block of Southwest Adams.
The building will house 700 employees who currently work at other locations in the area. OSF vice-president of economic development Ryan Spain says another 500 new jobs now will be added at a second location.
"There is now an additional opportunity to bring more OSF mission partners to downtown Peoria within the former Caterpillar LD Building which is located on the 300 block of Southwest Adams. Now we’re in a situation where we expect to have 1200 people working downtown," says Spain.
Peoria manager Patrick Urich says OSF will lease 1200 parking spaces from the city.
"So over the life of this 20-year agreement, the city would receive $4.6 million dollars of revenue. We would have no expense for any of the ongoing maintenance of the deck. That would be the responsibility of OSF since they are leasing that facility from us for that period of time," says Urich.
The city must buy 450 spaces Caterpillar currently has in the One Technology deck for $2 million. Renovation of the buildings will not be complete until 2022.