PEORIA, Ill. – It took an extra step or two, but the city of Peoria now owns the Expo Gardens property.
City Manager Patrick Urich says the property was won in a foreclosure auction Wednesday afternoon with a bid of $1,201,100. The only other bidder was Morton Community Bank, which Peoria outbid by one dollar.
The city is expected to be reimbursed for the cost of purchasing the property through a state grant.
The city originally purchased the property in June for more than $1.1 million with the intent to develop the land into housing. But the Expo Board never considered the sale. The property was foreclosed on in August, making Wednesday’s auction necessary.
Councilmen approved adding $875,000 to a potential purchase price at Tuesday night’s meeting, bringing the total amount available to $2 million.
Urich says the city is expected to have the title to the property within 30 days, with Requests for Proposals to develop the land in early January.
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