Discussion and possible action to adopt RES. 2024-80 approving a Joint Development Agreement between Vistancia Development LLC, Amkor Technology Arizona, Inc. and the City of Peoria for the design and construction of infrastructure improvements and allocation of associated improvement costs.

The purpose of the Joint Development Agreement (JDA) is to identify and define design, construction, and cost responsibilities of the City, Vistancia Development LLC (Vistancia), Amkor Technology Arizona, Inc. (Amkor), and future owners/developers for the construction of public infrastructure improvements that were contemplated in the Development Agreement previously approved by City Council.

On February 20, 2024, City Council approved a development agreement (the “Development Agreement”) with Amkor Technology Arizona, Inc (LCON00624).  The Development Agreement contemplated for public infrastructure improvements to be constructed and reimbursed by way of a 3-way Joint Development Agreement between Vistancia, Amkor, and the City. Vistancia will construct the roads and provide utility delivery and the City, Vistancia, and future owners/developers will be responsible for its allocated costs as articulated in the JDA.  Amkor will be responsible for the costs of any modifications or additional improvements that it, or the City, require for the Amkor project.

On February 20, 2024, City Council approved the Development Agreement with Amkor Technology Arizona, Inc (LCON00624).

Staff recommends adoption of RES. 2024-80 approving a Joint Development Agreement (JDA) between Vistancia Development LLC, Amkor Technology Arizona, Inc. (Amkor) and the City of Peoria for the design and construction of infrastructure improvements and allocation of associated improvement costs.