By Hailey Mensik | Phoenix Business Journal (abridged)
Arizona is among almost 30 states that can sell off state-owned land to help fund public education. It isn’t making the most of what could be a potentially powerful revenue stream, according to a new report.
Think tank Common Sense Institute Arizona found that more than eight million acres of state trust land in Arizona sits vacant and unused — and a third of that land lies near urban areas that could support responsible development.
Ultimately, almost $6 billion in proceeds from selling and leasing state trust land have been distributed for funding K-12 public education since Arizona’s statehood over 100 years ago – though that could have been $140 billion had the Arizona State Land Department sold and reinvested its land more efficiently, according to the report.
Arizona’s process for selling off state trust land carries some restrictions other states don’t have – like a highest and best use doctrine, which requires that the decision to sell or lease be based upon the potential use of each parcel. New Mexico – another one of the last states admitted to the union – has similar restrictions.
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