By AZ Business Magazine
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.
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.
