PEORIA, Ariz. — The City of Peoria is committing an initial investment of $140 million to help develop 6,700 acres of state trust land near the Loop 303 freeway.
The city council has recently approved an agreement with the Arizona State Land Department regarding 10.5-square miles generally located along Lake Pleasant Parkway in the city's northern region.
"This (agreement) 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," city records state.
City leaders claim the deal will result in generating hundreds of millions of dollars in new revenue for Peoria over the next 20 years.
Peoria will pay for constructing utilities and public infrastructure on the 6,700-acre site and Peoria would later be reimbursed as the land is auctioned off by the land department and begins to be developed.
The city expects developing the vacant land will result in job growth within the manufacturing, aerospace and semiconductor industries.
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