Attorney General Tom Horne's office has found no criminal activity after a 10-month investigation into Gilbert's $50.2 million purchase of future parkland without a qualified appraisal.The land deal that sparked a fierce controversy over its above-market purchase price and was considered a factor in the ouster of three incumbent Town Council members in last year's election.In a letter sent to town officials last week, Assistant Attorney General Todd Larson said investigators found no wrongdoing in the purchase and will not prosecute anyone.The investigation sprang from an Arizona Republic report on the land deal that cited southeast Valley real-estate experts who agreed the $300,000-per-acre purchase price was "out of tune" with market conditions when the deal was approved in early 2009.Gilbert bought the land from dairy farmer Bernard Zinke, intending to use 142.5 acres of undeveloped farmland for two municipal parks in an underserved area of south Gilbert, officials said.Although officials expressed urgency in acquiring the land, there is no timetable for development.Council members at the time praised the deal as a sound investment and suggested that the land could be resold for additional income if the town decides not to proceed with the parks.Town officials did not obtain an appraisal specific to the purchase, though comparable sales and existing appraisals on much of the land suggested a per acre value of around $67,000.
Tuesday, January 24, 2012
Arizona inquiry finds no crime in $50 million Gilbert land deal
These politicans were not criminal they are just poor businessmen. I mean when was the last time you paid 500% more than it was worth for anything.