By Ken Hedler | The Daily Courier
PRESCOTT VALLEY – The town government plans to expand open space by acquiring about 180 acres from shopping center developer Kitchell Development Co. of Phoenix, Town Manager Larry Tarkowski announced Friday.
However, the town will not obtain the land through an outright purchase, Economic Development Manager Greg Fister said. Instead, the town will pay for the land by extending a development agreement for 38 months with Kitchell in which the town reimburses the developer from a penny on the 2.33 percent sales tax. Kitchell is developing the 100-acre Prescott Valley Crossroads shopping center on both sides of Highway 69 and Sundog Ranch Road.
The land will not be appraised, Fister said, adding, “Because we are not paying for it now. We are paying for it 13 years from now.”
He said Kitchell sought an extension of a development agreement that dates to 2005, and the town wanted something in return.
