Monday, October 29, 2007

U of A land purchases getting scrutinized

Got a tip call to check out the state controlling board's meeting tonight ... here's a link to their agenda so you can play along at home: click me!

The U of A has the first 11 items up for discussion .. you'll notice quite a few of them are purchases of properties to make way for a new football stadium.

Item #5 has the folks in Zipville in deep kangaroo doo tonight. They're asking permission to spend $110,000 on the .07 acres but if you look closely, that same property was purchased just 13 months ago for only $77K .. which is a quite a jump .. but the bigger issue is that it was the son of a U of A trustee who reportedly bought the property and is now looking to have his daddy's board buy him out at a near 40 percent profit.

Click on item #3 while you're at it too .. two small apartment buildings valued at $93K and $136K respectively .. and now the U of A is offering $465K for both of them and writing "In an effort to avoid Eminent Domain Proceedings ...."

I realize that this land is valuable and some of these folks don't want to sell. I also realize that to keep this project on schedule, the U of A may need to make some folks a pretty "sweet" deal to get it done ..

Still, these are big dollars from a state university getting tossed around here. Take a look for yourself ... what do you think?

2 comments:

Village Green said...

What can I do to convince U of A to build a stadium over here by Summit Lake? They can have my house for 50K and I'd still make a small profit.

Swanny said...

So, Jack Morrison's son's real estate dealings in the area soon to be occupied by the new stadium are being scrutinized. Gee, I wonder where he got the information on the best possible area for real estate speculation in the city? Couldn't be his daddy on the Board of Trustees now, could it? When are these guys going to learn to keep their hands out of the cookie jar?