| | | | | | | | CITY OF PEORIA, ARIZONA
COUNCIL COMMUNICATION | Agenda Item: 5R. |
| 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:
| Termination of Joint Development Agreement between Vistancia, Amkor and City of Peoria |
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| | | | | | | | Purpose:
Discussion and possible action to adopt RES. 2025-95 terminating 3-party agreement governing the construction of improvements in FIVE North.
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| | | | | | | | Summary:
As a requirement of the Amkor Technology City of Peoria Economic Development Agreement, City Council approved a 3-party Joint Development Agreement to design, construct and dedicate public infrastructure.
With the approval of the Property Exchange Agreement between Amkor Technology and the City, this 3-way JDA is no longer required. |
| | | | | | | | Previous Actions/Background:
On February 20, 2024 City Council approved the Amkor Technology Economic Development Agreement and 3-party Joint Development Agreement between Amkor, City and Vistancia Development.
On August 28th, Council will also discuss and consider a Property Exchange Agreement and Economic Development Agreement Amendment #3 prior to taking a vote on this matter. |
| | | | | | | | Staff Recommendation:
Staff recommend Council adopt RES. 2025-95 terminating 3-party agreement governing the construction of improvements in FIVE North. |
| | | | | | | | Contact Name and Number:
Mike Faust (623) 773-7014 |
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