Summary:
This development is more commonly known as Mystic, and more formally known as Lake Pleasant Heights. There are four development entities operating as three signators to the agreement. Negotiations were led by Voyager Investment Properties on behalf of those signators.
This amendment to the development agreement does three important things, it prohibits vertical construction of the Lake Pleasant Heights residential development north of the CAP canal until the six (6) lane El Mirage Bridge over the CAP canal is constructed; it establishes financial and infrastructure requirements associated with providing Fire Service; and it clarifies the triggers and timeline for the construction and dedication of neighborhood parks.
The amendment clarifies the trigger and time period to deliver neighborhood parks within the development. Lake Pleasant Heights is responsible for the construction and dedication of two (2) neighborhood parks--one south of the CAP canal and one north. They will set aside approximately 27 acres for the two parks, of which 18 acres must be useable. The amenities of these parks shall be determined by the city of Peoria but have been confirmed to include at least a lighted multi-purpose field, lighted court (basketball or pickleball or volleyball, etc.), playground, bathrooms, and ramadas. The southern park must commence upon the issuance of the 976th building permit and be completed within 18 months. That trigger is expected to occur in Fiscal Year 2026. Once dedicated (construction completed and turned over to the City), all operation and maintenance becomes the responsibility of the City.
The amendment clarifies Lake Pleasant Height's responsibilities for Fire Service in the area. Under the previous agreement, the developer was responsible for construction of a Fire Station on its property with reimbursement through impact fees. The City has chosen to place the Fire Station within the Vistancia North Point development as a more central location to dispatching fire-medical services in this area. This alleviates Lake Pleasant Heights from constructing the fire station, but all impact fees are to be retained by the City. Lake Pleasant Heights must construct a fire grade road to the property line with Vistancia prior to the issuance of any building permit for vertical construction north of the CAP. Additionally, Lake Pleasant Heights shall purchase the fire engine for this station and pay $2.4 million per year towards the operating costs of the Fire Station (currently known as Fire Station 8) for a period of four (4) years upon the latter of the completion of the station or the acquisition of their first vertical building permit north of the CAP canal.
The last important amendment notes that Lake Pleasant Heights may not acquire any building permits for vertical construction until the six (6) lane El Mirage Bridge over the CAP is constructed consistent with City standards.