Summary:
It has been a longstanding desire of prior City Councils to partner with ASLD to plan, position and bring to market lands that are strategically located along the Loop 303 corridor. State Trust land comprises approximately 75 percent of the City's remaining developable land and as such the City's smart growth efforts and economic development expansion are largely dependent on these efforts. This IGA ensures our City develops in a responsible manner, aligned with Council priorities that protect our water security strategies, support new job and revenue generation opportunities, and aligns with maintaining the character of what makes Peoria a special place to live.
The IGA is the culmination of two years of effort developing relationships and designing a zoning and development framework consistent with Council direction. The IGA is specific to the area of north Peoria, generally located along Lake Pleasant Parkway extending north from West Wing Parkway/Lone Mountain Parkway all the way to SR 74. The property encompasses land from the City’s eastern boundary west to the Agua Fria River and has also been dubbed as the “Peoria Innovation Core” (PIC).
Under the IGA, the City will be responsible to lead land planning and zoning efforts for the property consistent with ASLD's flexible zoning structure. The zoning effort will follow standard public zoning process including public meetings, Planning & Zoning Commission review and final adoption of the Planned Community District by the City Council.
In addition to the zoning effort, the City will serve as the State's development partner for the design and construction of infrastructure necessary to bring these lands to market. The City, which has already planned approximately $150M of infrastructure investment in the area, will be reimbursed for all soft and hard construction-related costs through the life of the agreement.