$1.6 billion Prasada project stays on track in Surprise

Surprise has a number of goals when it comes to Prasada, a mammoth commercial and residential center that will straddle Loop 303 in the decades ahead. City officials want to see thousands of new jobs, new homebuyers and a healthy new stream of sales-tax revenue. City Council members were eager to revise a development agreement with Prasada developer Westcor recently, largely because it would help them reach the most important goal of all. "The goal of this development agreement is to get it built," said Surprise Community Development Director Jeff Mihelich, who laid out the deal in a City Council meeting in September. The terms of the agreement extend some building deadlines for Westcor, reduces to $200 million from $240 million the amount Surprise must reimburse Westcor for infrastructure, cuts some interest rates and gives the city flexibility in making those payments. City officials said the wait and the financial incentives will be worth it when the $1.6 billion project is complete. "At the end of the day, it would be the largest commercial development in the state of Arizona," Mihelich said. "It would have a profound and positive impact on Surprise for years to come."

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