Photo via City of Peoria
By Philip Haldiman | YourValley
Paloma Park in north Peoria might not receive millions of dollars in voter-approved funding planned for its second phase.
A consent agenda item on the April 4 Peoria City Council meeting states that a budget amendment has been proposed to reallocate about $18.7 million in general obligation bond proceeds that were originally sold for the park.
A staff report states the funds will be re-allocated to “other projects, consistent with the city’s capital improvement program.”
The City Council will consider this item April 4 at a public meeting.
There are no funds listed for Paloma Park past fiscal year 2024 in the proposed fiscal year 2024 Capital Improvement Program.
In November 2021, the council authorized the sale and issuance of general obligation bonds in an aggregate principal amount not to exceed $67 million. This money was to fund projects authorized by voters in the 2000, 2005, and 2008 elections. Those general obligation bonds included $22 million for Paloma Park Phase 2.
