The City purchased the property for approximately $27.5 million on Dec. 21, 2106. Kalahari made an initial lease payment of $17 million which the City used for the purchase. In addition, the City will contribute $10.5 million towards the purchase. In eight years, Kalahari will make an additional lease payment of $10.5 million plus interest. An additional 1.5 acre tract is scheduled to be added to the project following a City Council vote on Jan. 26, 2017. The City will purchase the property with funds provided by Kalahari in the form of a lease payment.
Updated Jan. 24, 2017