The City Purchases a Strip of Northeast Scottsdale Property

The City of Scottsdale, Arizona has placed the $47.2 million winning bid on a strip of Scottsdale property "on the north side of Bell Road at the intersection with 94th Street."

The winning bid on the "80 acres of state trust land in northeast Scottsdale" was almost "twice the $27.6 million starting bid set by the Arizona State Land Department."

The city has paid a $3.3 million nonrefundable deposit for the northeast side Scottsdale property, and it "must pay the balance within 30 days."

The city council will probably pay for the Scottsdale property by selling reserve investments that will be replaced with Scottsdale excise tax revenues. The land sale proceeds will go to funding "primarily Arizona schools, grades kindergarten through high school."