The city of Peoria is planning to buy a 2,324 square-foot commercial building located on Rio Vista Community Park, a city-owned property.
The city has been in negotiations for the purchase of the building, which has been appraised at $270,000. City staff has offered the property owner, Rio Vista Property LLC, the appraised value, plus customary closing costs of $5,000, for a total purchase price of $275,000, documents said.
The city wants to buy this commercial building as result of a default on a ground lease agreement with the lessee, documents say. This asset will be put into the Parks and Recreation system to be used for city programming.
