IOWA CITY, Iowa (AP) — Leaders in Iowa City plan to pony up as much as $400,000 an acre for cropland near the city’s airport to keep it from being developed.
The Iowa City Press-Citizen reports (http://icp-c.com/16HtUgh) that the city received a $4.8 million federal grant to buy 12 acres of land to ensure future development doesn’t restrict the approach path to the airport.
The cropland is currently assessed at about $31,000, but officials note that the purchase price would be much higher. That’s because it sits between two highly-valued commercial properties, and would likely be developed for commercial use.
The proposal to buy the 12 acres is expected to go before the Iowa City Council next month.
Information from: Iowa City Press-Citizen, http://www.press-citizen.com/