MIDDLE MARKET HIGHLIGHT, JULY 2007

Peoria
Dan Marcec

As the economy continues to grow rapidly in Peoria, Illinois, and the surrounding region, commercial development is progressing concurrently. One of the most significant trends in the area is adaptive re-use, as the city is on the verge of moving a large number of dilapidated warehouses into a tax increment financing (TIF) district. Once this movement takes place, these buildings will be redeveloped into various product types, with the intent to attract an influx of young professionals and families to the downtown area.

“Our region is very conducive for distribution by road, river, rail and air, and several location are being studied for ports and distribution centers as part of our intermodal transport growth,” says Vickie Clark, chief operating officer for the Economic Development Council for Central Illinois (EDC). “As an organization, our primary responsibility is to attract business, and representing the tri-county area, we focus on 10 different market segments that flourish in the region.”

“One local initiative, called Peoria NEXT, is active in the area to capitalize on the $1 billion-plus worth of research and development occurring every year in the region,” says Travis McGlasson, public relations specialist with the EDC. “NEXT was developed to commercialize many of the technologies that come out of this research and keep them here in our community; as a result, the high-tech market has boomed, examples being Firefly Energy, which has received nationwide attention for its lead acid battery technology, and Mercury Sports, which developed a radio frequency technology for athletic events.”

Peoria NEXT also maintains a business incubator called the Innovation Center, providing lab facilities and office infrastructure for small startups. Furthermore, the city offers a financial matrix readily available to site selectors, through which the EDC is able to implement deals for any business interested in locating within the community.

Serving three counties, the EDC approaches development from a regional standpoint. Therefore, one particular area isn’t in focus more than any other, though the city of Peoria itself is the center of the region’s population.

Specifically, some of the current projects on the board include working toward developing business and industrial parks along interstates 74 and 39, particularly in Woodford County. “The Illinois River will also become a greater asset as TransPORT, our local port district on the river, looks to purchase and rehab a 1 million-plus-square-foot former Caterpillar plant,” McGlasson says.

In the future, expect the Peoria region to continue its upward momentum. As one of the fastest growing economies in the Midwest, the infrastructure currently being implemented should set the tone for future business development.

“A key distinction for us — and for other middle markets — is that we roll out the red carpet for people and industry to move here,” Clark says. “We work out any detail to get a business here, and then we have a place where they can thrive, for we are just as concerned with the bottom line as they are. As a result of the efforts here locally, Peoria will be a thriving economy in various sectors moving forward.”


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