Peoria City Council has struck a game-changing deal with the Arizona State Land Department, paving the way for extensive development and making waves with plans to dramatically boost local employment and revenue.
Under this groundbreaking Intergovernmental Agreement (IGA), Peoria will get to steer the ship for land planning on a massive 6,700 acres of as-yet untouched State Trust land, strategically nestled within the Loop 303 corridor. This region, known as the Peoria Innovation Core (PIC), sprawls across 10.5 square miles from Lake Pleasant Parkway all the way to State Route 74, according to a press release from Peoria's official website.
Mayor Jason Beck sees the deal as a catalyst for Peoria's future economic prosperity, explaining, "Our partnership with Arizona State Land will provide the city with thousands of new jobs, quality restaurants, retail, and housing," as a statement obtained by Peoria's official website. In Beck's vision, this partnership is a ticket to hundreds of millions in new revenue predicted to flood the city over the next two decades.
Excavators won't be the only ones benefitting from this plan; it's got its sights set on the semiconductor and microelectronics, aerospace and defense, and advanced manufacturing sectors the city's also eyeing hospitality and commercial/retail growth to round out the boom, ushering in a slew of new jobs, shorter commutes, and a more attractive lifestyle for Peoria residents, as beckoned by Mayor Beck.
Education is another big winner here, with potential auction revenues expected to inject between $1 billion and $1.5 billion directly into the state land trust, primarily aiding K-12 education, outlining the substantial fiscal benefits of prepping and presenting shovel-ready sites that beckon developers and businesses thus maximizing the land's market potential.
Not only does the city plan to expand its economic footprint, but it also commits to the greening of Peoria's landscapes. The MORE program—short for Mountains, Open Space, and River Ecosystems—will play a foundational role by dedicating several hundred acres near the Agua Fria River to open space and new trails.
As for the nitty-gritty, the deal lays out a clear reimbursement plan for the city's $140 million upfront investment with additional reimbursements of up to $500 million from the land sales. This includes recouping costs on various fronts, including design, permitting, rights-of-way, and construction.
