Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Peoria approves up to $41M to patent PIC 2 land, seeks refinancing to cut interest costs
Summary
Council approved a budget appropriation not to exceed $41 million to complete patent (purchase) of remaining PIC 2 state land; staff said state financing accrues interest and refinancing to government rates could cut interest roughly in half, with projected savings around $7 million over 10 years under current assumptions.
Peoria City Council voted unanimously on Feb. 10 to approve agenda item 29R, authorizing a budget appropriation not to exceed $41,000,000 to complete the patenting (purchase) of remaining Peoria Innovation Corps (PIC 2) state land. Deputy City Manager Kevin Burke explained the mechanics of Arizona State Land Department (ASLD) transactions and why the city sought authority to complete the purchase now and pursue refinancing to lower interest costs.
Burke…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
