December 18, 2024 8:55 am
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Kyrene signs off on 77-year land lease worth millions

Photo submitted to Ahwatukee Foothills News

By Ahwatukee Foothills News

Kyrene School District officials have signed off on a 77-year lease with developer ViaWest for the use of a 28-acre parcel of land along the I-10 between Chandler Boulevard and Ray Road in Ahwatukee.

Governing board members unanimously gave final approval to the lease, hailing the promise of an annual source of funds.

“I believe it will be April of 2022 that we should get our first check in the mail and I’m sure that would be very exciting,” General Counsel Jordan Ellel told them.

ViaWest plans to build three industrial buildings that will mirror three it owns on a parcel in Chandler that’s parallel to the Kyrene land.

The lease provides for monthly payments totaling $240,000 next year, then $800,000 annually for the following five years.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.