Iowa City to pay nearly $5 million for 12 acres
IOWA CITY (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 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.