Peoria council OKs $1.41 million contingency to bid on 834‑acre state land parcel

The Peoria City Council on Tuesday approved a $1,412,000 contingency budget transfer to cover administrative fees required for the city to participate in an Arizona State Land Department auction for an 834‑acre parcel called Core 2, part of the Peoria Innovation Corps project. The council vote was 7-0.

City staff described the purchase as part of a multi-year strategy to acquire state trust land, prepare shovel‑ready parcels for development and spur economic growth. "We have every intention of participating in this auction," said Mike Faust, deputy city manager. The auction was publicly noticed for 10 weeks and is scheduled to begin at noon Wednesday, staff said.

The parcel is appraised at $46,700,000; state auction rules require an initial deposit to qualify as a bidder. Kevin Burke, deputy city manager, said the city must bring a minimum of $6,212,000 to the table to bid, a figure that includes a 10% down payment and roughly 3% in administrative fees and other charges. The city's capital improvement program (CIP)…