BUSINESS

East Peoria advances purchase of 272-acre farmland

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EAST PEORIA, Ill. — On Tuesday evening the East Peoria city council moved forward with acquiring 272 acres of the Keil & Blye Farm on the northwest edge of the city near U.S. Route 24, Centennial Drive and Grange Road; the parcel was won at auction at about $19,100 per acre, with the total purchase price reported at roughly $5.2–$5.25 million. City commissioners approved the purchase on first reading this week and scheduled a final vote for the July 21 meeting; officials said the acquisition will be funded from general fund reserves, is intended for residential growth, and that there are no plans for a data center or solar farm, with elected leaders citing school enrollment and growth corridor planning.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

City participates in auction and wins 272-acre Keil & Blye Farm parcel.
Auction terms set purchase price near $19,100 per acre with 10% downpayment due.
Agenda item placed on Tuesday city council meeting to approve the purchase.
Council unanimously approved the purchase on first reading Tuesday evening.
Final second reading and vote scheduled for the July 21 council meeting; funding to come from general reserves.

Why This Matters to You

The city's acquisition of the Keil & Blye Farm could mean new residential development in East Peoria. If you're a local resident, this could lead to changes in your community, such as increased school enrollment. Keep an eye on the July 21 council meeting for the final decision.

The Bottom Line

East Peoria is investing in its future growth with this $5.2 million land purchase. It's a significant move, funded by general reserves, that underscores the city's commitment to residential expansion. Worth forwarding if you know someone considering a move to East Peoria.