By Kaitlin Olson | Arizona Daily Sun
Northern Arizona University will submit a plan to purchase a 120-acre parcel of land at 1301 S. Fourth St. to the Arizona Board of Regents (ABOR) for approval Thursday.
If the plan is approved, NAU will purchase the land from its holding company, Northern Arizona Real Estate Holdings (NAREH), for $3,000,000 to be paid in 20 years of equal annual installments with 5 percent interest, according to the action item filed with ABOR. The university would also pay all additional transaction costs and attorney fees.
Several months ago, the landowners contacted the university about the property, said Joanne Keene, NAU Executive Vice President and Chief of Staff.
“The family has been interested in using this property for educational purposes for years,” she said.
