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Peoria council approves bond sales, budget advances and development amendments in unanimous votes
Summary
At its April 22 meeting the Peoria City Council approved a package of financing and development actions, including a general-obligation bond authorization, multiple project-specific bond and budget items, and zoning and development-agreement amendments. All contested agenda items on the regular agenda passed on voice roll calls with 7–0 tallies.
Peoria City Council on April 22 approved a slate of financing and land-use actions, voting unanimously on a general-obligation bond authorization, two CFD items for the Mystic (Lake Pleasant Heights) development, a $15.3 million budget amendment to secure right-of-way for Peoria Innovation Corridor projects, and amendments to development agreements and zoning for Lake Pleasant Heights and downtown parcels.
The council approved Resolution 2025-49 authorizing the sale and issuance of general-obligation (G.O.) bonds of up to $95 million and set a plan to price the bonds in late April and close in mid-May. City staff said the sale is expected to be nearer $85 million and that the city’s AAA ratings allow access to favorable borrowing rates. Council also approved two Mystic Community Facilities District (CFD) items: calling a public hearing for the CFD feasibility report (item 5R) and authorizing the sale and issuance of CFD general obligation bonds for Mystic not to exceed $2.5 million (item 6R). Both CFD motions passed 7–0.
Council approved a budget amendment (29R, as amended) to advance $15,300,000 from the city’s contingency to acquire rights of way for multiple projects in the Peoria Innovation Corridor (including Lake Pleasant Parkway, Ashlar Hills Drive, 90th Avenue and reservoir/booster pump station work). Staff said the funds will be treated as deposits and reimbursed at land auction or by future development receipts; the amendment passed 7–0 after a minor wording amendment to align the motion with slide materials.
On land-use matters, council voted unanimously to adopt an amendment to the development agreement for Lake Pleasant Heights (also referenced as Mystic/Lake Pleasant Heights), clarifying park triggers, tying vertical construction north of the Central Arizona Project canal to completion of the El Mirage bridge, and adjusting fire-service coordination. Council also approved a city ordinance regulating fiber-optic communications in rights of way and a separate city-initiated rezone to unify downtown parcels with the downtown commercial mixed-use zoning district; both motions passed 7–0.
Votes at a glance - 5R (Mystic CFD feasibility hearing): motion to call a public hearing and approve 5R — outcome: approved, vote 7–0. - 6R (Sale/issuance of Mystic CFD bonds): motion to approve issuance of CFD general-obligation bonds, authorized amount not to exceed $2,500,000 (staff expects about $1,800,000) with levy ceiling of $2.65 per $100 limited assessed value — outcome: approved, vote 7–0. - 28R (G.O. bonds authorization): motion to adopt Resolution 2025-49 authorizing issuance of up to $95,000,000 in G.O. bonds for streets, water/wastewater/drainage and public-safety facilities—outcome: approved, vote 7–0. - 29R (Budget amendment for PIC projects): motion (as amended in session) to advance $15,300,000 for right-of-way deposits for Peoria Innovation Corridor projects (Lake Pleasant Parkway, Ashlar Hills Drive, 90th Avenue, Zone 5E/6E reservoir & booster stations, Agua Fria West recovery well) — outcome: approved, vote 7–0. - 30R (Amendment to Lake Pleasant Heights development agreement): motion to adopt ordinance amending the development agreement (first amendment to the partial amendment and restatement) — outcome: approved, vote 7–0. - 31R (Code amendment: fiber-optic communications in rights of way): motion to amend city code to regulate fiber-optic communications systems, adopt licensing and fee framework — outcome: approved, vote 7–0. - 32R (Downtown rezone): city-initiated rezoning of approximately five acres (Osuna Park and Washington Street parcels) to align with downtown commercial mixed-use standards — outcome: approved, vote 7–0.
Why it matters: The G.O. bonds and the Peoria Innovation Corridor funding move forward work the city has included in its capital-improvement program; staff said the G.O. authorization is structured so the city can sell debt without raising the current combined property-tax rate of $1.44 per $100 of assessed value. The Lake Pleasant Heights and Mystic actions are related to public infrastructure and development sequencing for a long-planned mixed-use area north of the sports complex; the rezone and fiber legislation aim to smooth permitting and infrastructure for downtown redevelopment and private broadband investment.
Next steps: City staff said the G.O. bond pricing is planned for April 29 with a May closing, the Mystic CFD bond pricing is anticipated in early May with closing mid-May, and the Peoria Innovation Corridor work will enter right-of-way acquisition and later CIP budgeting phases. The fiber-licensing fee ordinance will return after a 60-day statutorily required notice period for adoption of fee amounts.
