The City of Peoria, Arizona, is investing $140 million in public infrastructure on 6,700 acres of state land in the northern part of the city, with the goal of spurring economic growth. By entering into an agreement with the Arizona State Land Department, the city will lead the planning efforts to develop the area along the Loop 303 corridor, from Lake Pleasant Parkway to State Route 74. The plan is projected to generate hundreds of millions in revenue over the next 20 years and foster growth in key industries like the semiconductor and microelectronics supply chain.
Government Market News further reported:
Per the terms of the agreement, 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 site.
Project details include the facilitation of roadways, utilities and land planning with potential benefits like job creation, tax revenue and infrastructure reimbursement. The plan provides a framework for balanced growth, resident engagement and partnership to potentially spur the city’s economic and community development.
The city said it will target employment growth within the semiconductor and microelectronics supply chain, aerospace and defense industry and advanced manufacturing, as well as hospitality and commercial/retail centers.
Several hundred acres will be dedicated to the city’s new Mountains, Open Space and River Ecosystems (MORE) program, including more open space and hiking trails.
As ASLD auctions off the land, the city will be reimbursed for design, permitting, rights-of-way costs and interest.
The city will be reimbursed for up to 50% of construction costs upon final patent of land and the final 50% of construction costs once a final plat or site plan is approved, the city said.
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