Caterpillar Sells Land to City of East Peoria for $9.8M

Tue January 15, 2008 - National Edition
Construction Equipment Guide

EAST PEORIA, Ill. (AP) Caterpillar is selling 87 acres of a former factory site for approximately $9.8 million to the city of East Peoria.

City officials hope the deal with the construction equipment maker will encourage development and possibly inspire a new downtown district in the central Illinois city.

According to the agreement, East Peoria will pay the Caterpillar Foundation —which is the company’s philanthropic arm — approximately $9.8 million.

The city will fund the deal through the sale of the land to private developers.

City council member Tim Jeffers described it as a “pay-as-you-go” kind of deal.

East Peoria Mayor Dave Mingus said the sale has been a long time coming.

Today's top stories

NCDOT Widens Strategic Highway

VIDEO: Doosan Evolution Series Redefines PSI Capabilities of Portable Air Compressors

Ritchie Bros. to Sell Custom Jack Daniel's Indian Motorcycle for Armed Services YMCA

Reconstructing Indy's North Split

SEAA Names Speakers, Sets Exhibitor Schedule for 2021 Convention

Husqvarna Construction Launches Next Generation Battery Power Cutter

McClung-Logan to Represent Prinoth in Maryland, Virginia

North State Takes On U.S. Ecosystem Restoration With Linder, Terramac


ceg-logo ceg-logo ceg-logo ceg-logo ceg-logo