| | | | | | | | CITY OF PEORIA, ARIZONA
COUNCIL COMMUNICATION | Agenda Item: 2R. |
| Date Prepared: 8/17/2025 | Council Meeting Date: 8/28/2025 |
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| | | | | | | | PRESENTER:
| Mike Faust, Deputy City Manager |
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| | | | | | | | | TO: | Mike Faust, City Manager
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| | | | | | | | THROUGH:
| Mike Faust, Deputy City Manager |
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| | | | | | | | | FROM:
| Maria Laughner, Economic Development Director
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| | | | | | | | SUBJECT:
| Amkor, City of Peoria Property Exchange Agreement |
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| | | | | | | | Purpose:
Discussion and possible action to adopt RES. 2025-91 approving the exchange of 104-acre parcel in the newly purchased Core 2 with Amkor Technology for 56-acres (parcel D-15/16) located in FIVE North at Vistancia.
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| | | | | | | | Summary:
Amkor Technology and City of Peoria entered into an Economic Deveopment Agreement in February 2024. As part of that agreement, Amkor acquired 56-acres of real property in FIVE North at Vistancia. As Amkor programmed the development coupled with increasing market demands for their product, the land proved too small for the organization's needs.
In December 2024 following Council decision to no longer pursue the design and construction of an Airpark in the Peoria Innovation Core, an opportunity arose for the City to partner with Amkor, accelerate development schedules and work collaboratively to pursue acquisition and development of lands in Core 2 that met Amkor's business needs while satisfying the Council's priority of Economic Development.
The agreement facilitates an exchange of real property. Amkor will receive the deed for 104-acres of real property valued in Core 2 and City will receive the deed for 56-acres of real property in FIVE North at Vistancia. |
| | | | | | | | Previous Actions/Background:
February 20, 2024 - Council adoption of Amkor Economic Development Agreement
December 17, 2024 - Council adoption of ASLD IGA
August 5, 2025 & 26, 2025 - Council actions approving and funding participation in public auction to bid on Core 2
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| | | | | | | | Staff Recommendation:
Staff recommend Council adopt RES. 2025-91 authorizing the land exchange of 104-Acres in Core 2 for 56-acres in FIVE North at Vistancia. |
| | | | | | | | Fiscal Analysis:
Each property has been appraised by a licensed appraiser. The 56-acre property was valued at $28M fully improved, which requires approximately of $7M of half street improvements. The land in Core 2 is valued as raw land and appraised for $1.29/sf plus administrative fees totaling approximately $6M for the 104-acre parcel. |
| | | | | | | | Contact Name and Number:
Maria Laughner, (623) 773-7338 |
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