Elk Grove May Be Paying More Than Double Value Of Land For Proposed Soccer Stadium
ELK GROVE (CBS13) — The city of Elk Grove may be paying twice as much for land for a proposed soccer stadium than it is worth.
Critics are calling it double trouble. but Elk Grove's city manager is defending the decision to pay twice the county's assessed value for farm land it wants to turn into soccer fields.
The city has grand visions for the land, with a massive soccer complex and hopes Major League Soccer could come to the city.
But newly revealed public documents show the $4.4 million price the city is paying for the land more than doubles what the county says the land was worth just a year ago.
CBS13 asked Elk Grove City Manager Laura Gill says if it was reasonable to think the value could double in one year.
"I don't know; I'm not a real estate expert," she said. "That is the negotiated price between the city and the property owner."
Gill says the city is still conducting its due diligence, but that city leaders did know the county assessed value when agreeing to the price.
The assessed value for that land just a year ago was $1.9 million.
MLS officials visited Sacramento and Elk Grove last week, but said the latter city's bid was a stretch. If MLS doesn't pick Elk Grove, Gill says it won't change negotiations.
"That property would allow us to build youth sports fields," she said.
The City Council approved the $4.4 million price last month. The deal is expected to close on Nov. 1.
Elk Grove will pay for the land using taxpayers dollars that had been designated for its stormwater drainage fund.
