PEKIN, Ill. – Some new life could be breathed in to the retail sector in Pekin.
Peoria-based Cullinan Properties has approached the Pekin City Council with the idea of taking part of East Court Village and building a center anchored by three stores: Marshall’s, Five Below, and Ross Dress for Less, with room for smaller stores as well.
“We finally got the collection we think is a key kickoff that really mirrors what we’ve done in Peoria, East Peoria, and now Joliet,” said Diane Oberhelman, Chairperson, Cullinan Properties, to the city council. “It not only builds the retail base, but adds to the potential for hotels, potential spinoffs, gas stations, restaurants – so many things that are exciting that really builds the retail base.”
Oberhelman says the end result could end up being what people see in the East Peoria Levee District, while lessening so-called “retail leakage,” or, sales tax dollars going outside Pekin.
The firm wants $9 million in support from the city, however, on top of $2 million Cullinan already owes the city for other development, but says the return on investment would be great.
“We have given you (the $2 million) that money, and it’s not been…you’ve made payments, but it’s not been given back,” said Becky Cloyd, council member. “We’re talking about not my money, not their money, it’s all of our money that live here that’s being tied up.”
Oberhelman said the company’s never defaulted on any loan in 40 years, and won’t start now. She thinks the return on investment will be strong.
No decisions have been made by the City Council as of yet.
