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A company made millions selling farmland water rights to Queen Creek, and the practice is growing
A water transfer from a small western Arizona town to a growing East Valley community has some observers concerned. About a decade ago, a company called Greenstone bought nearly 500 acres of land in the town of Cibola, in La Paz County. But, a few years later, Greenstone sold the water rights for that farmland to Queen Creek. In the process, the company made about $14 million in profit.
Arizona Edition: First of its kind water deal in La Paz County still facing scrutiny
A decade ago, a company purchased nearly 500 acres of land in Cibola, Arizona, a quiet community near the Colorado River in La Paz County. The company, Greenstone Resource Partners LLC did lease out the land to farmers for a while, growing alfalfa and cotton. But after a few years, in a first of its kind deal, the company stopped farm activity and sold the water rights to the Phoenix suburb of Queen Creek.
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