The Goldwater Institute is suing Phoenix after the city entered into a contract with a company to buy land in the heart of its downtown at a discounted rate.
The Phoenix nonprofit is accusing the city of selling the land to Pennrose, an out-of-state developer, at a discounted rate with no public benefit in return.
Phoenix sold the land to Pennrose for $1.5 million, even though its market value was around $4.8 million, according to the lawsuit.
If the court rules in favor of the Goldwater Institute, Phoenix would need to “find a purchaser for the land that’s willing to actually spend the value that land is worth," said Tony Napolitano, an attorney for the Goldwater Institute.
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