By 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.
