Discussion and possible action to adopt RES. 2025-94 modifying agreements between Vistancia and City of Peoria to maintain and/or establish expectations for the development and saleable rights to 56-acres of real property in FIVE North.

The City and Vistancia previously entered into a Development Agreement where in exchange for City designed and constructed of public infrastructure, Vistancia would convey 50-acres of land in the Commercial Core for economic development purposes.  Per that agreement, the City and Vistancia worked collaboratively to locate certain Targeted End Users (ie., manufacturing, corporate or divisional headquarters, advanced business services, back-office operations, research and development, or process which involve high technology or innovative new technologies, bioscience, alternative energy, telecommunications, health care, and/or high education) for employment uses.  

On February 20, 2024, Amkor Technology fulfilled this requirement when the City and Amkor entered into an Economic Development agreement, wherein Vistancia conveyed 50-acres of property fulfilling the DA obligation. Vistancia and the City are electing to renew the Targeted End User strategy to bring employment uses to the property.  The City and Vistancia agree to work collaboratively to identify and locate Target End Users ((ie., manufacturing, corporate or divisional headquarters, advanced business services, back-office operations, research and development, or process which involve high technology or innovative new technologies, bioscience, alternative energy, telecommunications, health care, and/or high education).  In the event the City is unsuccessful selling at least 35-acres of the 56-acres for Targeted End Users by September 2030, Vistancia shall have a repurchase right for any undeveloped property at fair market value.

As the owner of the 56-acre parcel the City has development responsibilities for half-street improvements on all sides of the property.  Vistancia will design, construct and dedicate the infrastructure improvements and the City will reimburse 50% of the project costs.

On various dates Council approved multiple amendments and restatements of the Vistancia Development agreement including but not limited to: Amended and Restated Development Agreement for Vistancia in Peoria, Arizona, dated May 1, 2012; First Amendment to Amended and Restated Development Agreement for Vistancia in Peoria, Arizona, dated March 5, 2014; Amended and Restated First Amendment to Amended and Restated Development Agreement for Vistancia in Peoria, Arizona, dated September 14, 2015; Second Amendment to Amended and Restated Development Agreement for Vistancia in Peoria, Arizona, dated June 24, 2021.

February 20, 2024 Council approved the Amkor Technology Economic Development agreement.