Friday, December 5, 2008

Pere Marquette Marriot Hotel Redevelopment Plan
Peoria Public/Private Partnership
Executive Summary
December 4, 2008

The City of Peoria and EM Properties Ltd. are entering into a public/private partnership to rehab and expand the Pere Marquette Hotel into a 489 room Full Service Marriot Hotel. The expanded hotel will be the headquarters hotel for the Peoria Civic Center. The following is a summary of the partnership.

EM Properties Ltd. will:

1. Purchase the Pere Marquette Hotel and additional property for the redevelopment plan

2. Obtain the Marriott franchise for the hotel

3. Rehab the Pere Marquette Hotel to Marriott standards

4. Build a new 200 room tower to Marriott standards

5. Build a 500 space parking garage

6. Rehab ballroom and meeting space

7. Construct three retail spaces on the ground floor of the parking deck

8. Construct an elevated connector from the Civic Center to new hotel

9. Invest approximately $102 million in the Public/Private Partnership

City of Peoria will:

1. Create the Hospitality Improvement Zone (HIZ) Tax Increment Financing (TIF) District

2. Create the Business Development District (BDD)

3. Assist the Hotel from TIF increment generated the hotel’s property taxes

4. Assist the development of the hotel other taxes and revenues generated by the hotel

5. Provide a total incentive package of approximately 40% of the project costs

6. Assist developer in gaining Enterprise Zone incentives and appropriate grants

7. Support historic tax credits

8. Coordinate building permits, zoning permits, liquor licenses and other applicable government functions

9. Coordinate Hotel marketing efforts with the Peoria Civic Center and Convention and Visitors Bureau

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