Mesa to sell 11,400 acres to investment companyPosted: Updated:
PHOENIX (AP) -- Mesa has announced the sale of about 11,400 acres of land it owns in Pinal County.
Officials say the city will sell the land to real estate investment company Pinal Land Holdings LLC, in one of the largest land deals in the city's history.
The three-phase sale agreement could net Mesa up to $135 million.
City officials say the property is comprised of 88 parcels within the city limits of Coolidge and Pinal County.
Mesa Mayor Scott Smith says part of the sale and lease proceeds will help pay for economic development projects such as the Chicago Cubs' new training complex and higher education initiatives.
Mesa bought the land for about $29 million in 1985 to create a water farm, but the city no longer needs it.