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Council approves third amendment to Vistancia development agreement, offsets debt and infrastructure responsibilities
Summary
Council adopted a third amendment to the Vistancia amended and restated development agreement to net outstanding reimbursements and clarify obligations for wastewater capacity, park land, fire-station land, and road reimbursements.
Peoria City Council voted 7-0 Aug. 5 to approve the third amendment to the amended and restated Vistancia development agreement, a contract that reallocates financial liabilities and clarifies infrastructure and reimbursement obligations tied to the Vistancia master-planned community.
Deputy City Manager Kevin Burke explained the amendment intends to simplify accounting between the city and Vistancia by offsetting amounts owed in each direction. Burke said Vistancia still needs about 380,000 gallons per day of sewer capacity at build out; the city’s forthcoming expansion at the Jo Max Water…
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