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ASU wants to develop land to raise stadium cash

ASU wants to develop land to raise stadium cash

CREATED Aug 22, 2012

Web Producer: Ina Ronquillo

PHOENIX (AP) - Arizona State University wants to develop a commercial and housing complex on 330 acres it owns to generate cash to renovate its stadium and sports facilities.
   
University officials tell The Arizona Republic that creating a master-planned development could help pay for rebuilding Sun Devil Stadium. That project could cost as much as $300 million.
   
Some are skeptical about ASU's vision for what it is calling "the district." Some Tempe leaders worry that if the university is able to develop the area it will siphon business from Mill Avenue and Tempe Marketplace.
   
The plan is to charge businesses a fee equal to the property taxes they would pay on privately owned facilities. The land is exempt from property taxes because the university owns it.
   
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Information from: The Arizona Republic, http://www.azcentral.com

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)