The Peoria City Council approved a landmark Intergovernmental Agreement (IGA) with the Arizona State Land Department (ASLD) Tuesday evening, that supports Council’s smart growth strategies, which will include quality development and new job and revenue generation for decades.
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This partnership allows the city to lead the land planning efforts on 6,700 acres of undeveloped State Trust land in the area referred to as the Peoria Innovation Core (PIC), 10.5 square miles of land that encompasses the Loop 303 corridor, from Lake Pleasant Parkway to State Route 74.
“In Peoria, we challenge ourselves to find innovative ways to grow responsibly, while preserving the character that makes our city special,” said Mayor Jason Beck. “Our partnership with Arizona State Land will provide the city with thousands of new jobs, quality restaurants, retail, and housing. This partnership represents Peoria’s economic development future and will generate hundreds of millions of dollars in new revenue for our city over the next 20 years.”
The city will provide an initial $140 million investment, and subsequent reimbursements of up to $500 million from land sales, to build public arterials and utilities infrastructure within the 6,700-acre site.
K-12 education will be the primary benefactor of the land, as these shovel-ready sites, when sold at auction, are expected to provide $1 billion to $1.5 billion of direct benefit to the state land trust.
“By putting in the infrastructure in advance, the land becomes more desirable for developers and businesses as it speeds up the time to market,” added Mayor Beck. “For our residents, it means more local job opportunities, shorter commutes, and a higher quality of life.”
The city will target employment growth within the semiconductor and microelectronics supply chain, aerospace & defense industry, and advanced manufacturing, as well as hospitality and commercial/retail centers.
Given the proximity to the Agua Fria River, there will be several hundred acres dedicated to the City’s new Mountains, Open Space, and River Ecosystems (MORE) program including more open space and hiking trails.
The City will be reimbursed for its up-front investment based on this schedule:
• As ASLD auctions off the land, the City will be reimbursed for design, permitting, rights-of-way costs and interest;
• Upon Final Patent of Land – City will be reimbursed for up to 50% of construction costs;
• Once a Final Plat or Site Plan is approved – City will be reimbursed for final 50% of construction costs, plus interest
Stay up to date on this major initiative at www.peoriaaz.gov/northpeoriaplanning.
