Fwd: Heart of Peoria Devevelopment Corporation - 1st draft for REIT

[Craig Hullinger]

---------- Forwarded message ----------
From: Craig Hullinger <hulli...@gmail.com>
Date: Oct 14, 2007 1:25 PM
Subject: Re: Heart of Peoria Devevelopment Corporation - 1st draft for REIT
To: Glen Barton <gbart...@yahoo.com>
Cc: "Arient, Matthew" < mar...@law.uiuc.edu>

Great. I look forward to the meeting.

We are working with a team of students from the U of I, led by Matt Arient, who I am introducing you to by email. Matt is in his last year of law/MBA school, and leads a team of very smart guys in business and engineering. They are taking the basic proposal I wrote, researching it, and will develop a paper over the next few months.

Matt, Glen is a business leader and the retired CEO of CAT.  As you see from his email below, he and others are interested in the concept.

_________________________________________________________________________

On 10/14/07, Glen Barton < gbart...@yahoo.com> wrote:

Craig, sorry for taking so long to get back to you but I think this is a great idea. And I for one would be very willing to invest in such a company(?).  I heard a little about this the other morning at PeoriaNext and I was impressed--and suggested we have you at a meeting in the near future.  I also had an "offer" from Gary Matthews for a project in EP and was surprised how quickly this sold out.  Our community has been asking people to "give a lot" to the various charitable fund raisers but we haven't been offering up the opportunity to invest in a for profit venture that would help us dramatically improve the city.  I also talked Friday night with a young man who is from Peoria that is now with a bank in Charlotte that finances uraban development--and was impressed by how successful they've been(Omni Bank--I think is the name--HQ in Atlanta).  So it can be done. 

 

 Glen Barton

----- Original Message ----
From: Craig Hullinger < hulli...@gmail.com>
To: Glen Barton <gbart...@yahoo.com>
Sent: Tuesday, September 11, 2007 6:41:01 PM
Subject: Heart of Peoria Devevelopment Corporation - 1st draft for REIT

Attached please find a rough draft for a potential comapny. 

I would appreciate your thoughts.  Thanks

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HEART OF PEORIA DEVELOPMENT CORPORATION

 

The citizens of Peoria want to improve their great city on the river.   The elected officials have responded by creating an Enterprise Zone and nine Tax Increment Financing Districts (TIFs) that provide substantial incentives for redeveloping in the inner city.

 

A new start up Heart of Peoria Devevelopment Corporation could raise the funds necessary to kick start the redevelopment of the area around downtown. The company would be for profit, probably organized as a Real Estate Investment Trust.   The new company would raise capital and hire the CEO who would lead the redevelopment. Sources of funds may include private investment, pension funds investment, and perhaps public investment.   The company would focus on redevelopment in and near the downtown, including but not limited to the Warehouse District, the waterfront, Rennaissance Park, Eagle View, and other redevelopment areas.

 

The Board must be respected civic leaders of impeccable reputation.   The Board should have some real estate redevelopment experience, but the primary need is for business leaders who want to make money for their stockholders and see the city improve.

 

An option would be to not hire staff, but simply be the equity partner for redevelopment companies.   

--
Craig Harlan Hullinger
Director of Economic Development
City of Peoria
Economic Development Department
419 Fulton Street Suite 403
Peoria, IL 61602
309 494-8639
Hulli...@gmail.com

--
Craig Harlan Hullinger
Director of Economic Development
City of Peoria
Economic Development Department
419 Fulton Street Suite 403
Peoria, IL 61602
309 494-8639
Hulli...@gmail.com