The City of Peoria plans to buy 834.5 acres in an Aug. 27 Arizona State Land Department auction as part of its Peoria Innovation Core development plan.
The minimum bid will be $46.7M.
PIC is a major economic development priority for Peoria, which is planning to take the lead in development up to 6,700 total acres as part of the overall program. The City will serve as the master planner and intends to invest $140M into core infrastructure for the area to prepare it for future commercial and employment developers. The City will take the lead on zoning and entitlement, roadway system design, utility planning and other public infrastructure design and construction.
Most of the land left available for Peoria to develop is Arizona State Trust Land, but the target region is surrounded by major private development initiatives and projects that make it an inviting prospect.
The City is particularly interested in attracting semiconductor and advanced manufacturing firms, according to economic development officials.
Peoria City Council approved an intergovernmental agreement with ASLD late last year to establish a partnership and a mechanism to recoup infrastructure costs, which could ultimately cover as much as $500M in infrastructure investment over a 15-20-year period.
Land auctions in the same timeframe are expected to bring at least $1B for the State Land Trust.
Public infrastructure development costs for the 834-acre site coming to auction are expected to total nearly $212.9M. (Source)