Possible Tempe land sale may fund dam fix

Rio sa;adpBy Dianna M. Náñez

The Arizona Republic

Tempe is considering selling about 100 acres of high-profile land that city officials have said could net $11.9 million and help pay for replacing Town Lake’s western dam.

The City Council is expected to vote today on the agreement, which would allow Liberty Property Trust, a Pennsylvania-based real-estate company, to develop large parcels of high-profile land at Rio Salado Parkway and Priest Drive just west of Town Lake.

The sale terms include $15.1million for 76 acres, $2.1million for 5 more acres and the option to buy an additional 21 acres. The city would credit Liberty for about $5 million in remediation costs to prepare the land for development. Upon development, Liberty would make a one-time $50,000 payment to two Tempe school districts.

“Revenue from the arrangement could help Tempe pay for the replacement of the western dam at Tempe Town Lake, as well as for improvements at parks and other locations throughout the city,” a Tempe news release said.

The estimated cost to replace Town Lake’s rubber dam with a steel dam is $36.8 million.

Continued: 

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories

Graycor completes construction on Gilbert Spectrum

Buildings 9, 10 and 11 have reached 93% occupancy at Gilbert, Arizona industrial park GILBERT, ARIZONA, January 30, 2023 – On behalf of developers GID and SunCap Property Group, Graycor Construction Company has completed construction on Gilbert Spectrum Buildings 9, 10 and

Read More »
February 2013
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728