Iowa City to shell out nearly $5M for 12 acres

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.

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Information from: Iowa City Press-Citizen, http://www.press-citizen.com/

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