Proceeds from land sales in Phoenix serve as the city's water fund

Proceeds from land sales in Phoenix serve as the city's water fund (Alberta Times) The Phoenix city government announced that it has sold land purchased in La Paz County in 1986 to obtain...

Proceeds from land sales in Phoenix serve as the city's water fund (Alberta Times) The City of Phoenix announced that it had sold land purchased in La Paz County in 1986 for $30 million. The sale was completed in November last year, with International Agricultural Corporation purchasing the approximately 12,900 acres of land. Councilman Bill Gass said proceeds from the land sale will go toward the city's water fund, a statement echoed by City Manager David Cavazos. The money is being used to pay off the loan to purchase the land, with the remaining money being held in a water fund to protect against future interest rate adjustments, as water sources from McMullen Valley become increasingly expensive for the city. "This is the right thing to do at the right time," Mayor Gray Stanton said. "We need to use unused assets to serve our city and our residents."