Pere Marquette project to be extended again?

By WEEK Producer
By Paul Strater

February 22, 2012 Updated Nov 1, 2013 at 7:25 PM CDT

PEORIA, Ill. -- It looks like Peoria's downtown hotel deal is hitting another snag as the closing deadline for the project will likely be pushed back, again.

The $92 million project would convert the old Pere Marquette into a modernized 284-room facility connecting the hotel to Peoria's Civic Center.

In January, council members voted to move the closing deadline for the project back a month, to February 29. Wednesday night, Mayor Jim Ardis said it needs to be pushed back again.

"We're pretty confident that we're going to have the actual documentation that we need on Tuesday, but that won't give us time to sell the bonds, to close it and sell the bonds by the end of the month. And that's why we're going to be asking the council for an extension on Tuesday, just to get that last bit of information compiled," said Ardis.

The proposed extension would push the deadline back to March 30.

Also on Tuesday's agenda...

Funding of the Peoria Area Convention and Visitors Bureau.

City Manager Patrick Urich has complied a report and says Peoria is paying "more than its fair share."

Currently, the city's annual contribution to the CVB is $720,000, compared to a total of $115,000 from East Peoria, Morton, Pekin and Washington.

Urich's report recommends negotiating new agreements with the CVB to be implemented by the beginning of next year.

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