Peoria officials have signed an agreement with the Arizona State Land Department that will allow the city to lead the planning of 6,700 acres of undeveloped state trust land known as the Peoria Innovation Core, located in the northern part of the city.
Officials say the agreement will pave the way for Peoria to generate hundreds of millions of dollars in new revenue during the next 20 years through the attraction of advanced industries.
The agreement requires the city make an initial $140 million investment in public roads and utilities infrastructure within the 10.5-square-mile Peoria Innovation Core, which includes land in the Loop 303 corridor from Lake Pleasant Parkway to State Route 74.
