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