Peoria recently purchased a property within Old Town as an investment for the future of the city.
Council approved the acquisition of the 7,000 square foot property located at 8314 West Jefferson Street for $77,200.
The appraised value of the property is $70,000. Following negotiations with the property owner, the city offered the property for the appraised value, plus 5% or $3,500, plus customary closing costs of $3,000, for a total purchase price $76,500, according to a staff report. The property owner agreed to sell the property and now staff will work with the seller to finalize the sale for a projected close of escrow in December 2020.
