The city of Peoria has emerged victorious in the State Land Public Auction, securing 834.5 acres for $46.7 million, an acquisition that places the city squarely on the path to industrial and commercial expansion. As reported by a local news announcement, the land is situated within the Peoria Innovation Core (PIC) and adds a new layer to the city's economic development strategy.
During a Special Council Meeting convened yesterday, August 28 at 5:30 p.m., the Peoria City Council is set to rigorously debate and potentially green-light several key items that will dramatically shape the future of the newly won property. To swiftly roll out the opportunity for development, city officials previously earmarked $4.8 million for a downpayment on land, recently authorized by Council, and an additional $1.4 million to deftly handle associated administrative costs.
With the land's proximity to the burgeoning North Valley and the magnetic pull of global semiconductor titan TSMC, Peoria's stake in Arizona's dynamic economy stands strengthened. The Peoria City Council's decision to step into the role of master-planner and developer for the PIC, as part of an Intergovernmental Agreement with the ASLD in December 2024, empowers the city to direct the zoning and infrastructure initiatives.
This orchestrated move by the city fosters a hospitable ground for Amkor Technology, who are primed to construct an advanced semiconductor packaging and test facility. The project spans across 104 acres of the new Core 2 property, aiming to transform into a formidable source of local employment, with the promise to generate 2,000 jobs, as detailed in the same Peoria report. This $2 billion investment carries the weight to not only galvanize Peoria's economy but to also anchor the country's semiconductor supply chain onto home soil.
The ripple effect of Amkor's decision, influenced by heightened market demands and an expanded project scope, sees a pivot from their original construction site in FIVE NORTH at VISTANCIA to the expansive embrace of the Core 2 parcel. This strategic shift prompts the Council to also amplify their focus on necessary amendments to Vistancia Development LLC's agreement, ensuring both the development and infrastructure of the 56-acre parcel meet market needs. The public is invited to tune into the upcoming decisions and discussions, which will be accessible live via Cox Channel 11, Facebook, and YouTube streams, or to attend in person with overflow seating at the designated location.
