Gilbert awaiting appraisal on dairy land it bought - East Valley Tribune: Gilbert

Gilbert awaiting appraisal on dairy land it bought

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Posted: Tuesday, January 4, 2011 9:08 am

Officials in Gilbert are waiting for appraisals on two dairy farms the town bought in 2009 to determine if the town overpaid for the properties.

The town bought two parcels totaling more than 142 acres for $300,000 per acre. The purchases came as land values were dropping, and real estate experts told The Arizona Republic the prices were well above market.

The appraisal is being done by Tempe appraiser Dennis Lopez and comes after the city completed an administrative audit and an external review of the purchase. The Arizona Republic says the results are expected to be presented to the Town Council later this month.

Mayor John Lewis has said the intent of the appraisal is to address claims that the town paid 10 times what the land was worth.

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