Gilbert land deal: Appraisals did exist before controversial buy

Despite Gilbert officials' claims the town had no appraisal before it paid $42.8 million in 2009 for future parkland, staffers had several formal estimates in hand that suggested a significant portion of the land was worth considerably less. Records obtained by The Republic show an appraisal obtained by Gilbert in August 2007 suggests a $67,000-per-acre value for much of the farmland the town acquired two years later from dairy owner Bernard Zinke at $300,000 per acre. The complex land deal, in which Gilbert acquired two large parks parcels, rights of way and dairy infrastructure, has generated criticism from real-estate experts and residents who say the town overspent. The deal cost about $50.2 million, including $42.8 million for 142.5 undeveloped acres intended for two parks, though there is no plan for construction anytime soon.. When asked last summer by The Republic to provide appraisals on the properties, officials said there were none because the deal was negotiated directly between then-Town Manager George Pettit and Zinke.

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