No rest for Lazenby

The university and Fayetteville real estate developer Bill Lazenby have finally come to terms on the 1.17 acres of property that was holding up construction on the new Tyson Complex. Lazenby negotiated for his mother, Irene Lazenby, who owns the lot.

The UA originally offered $200,000 for the parcel, which includes a 4,000-SF warehouse used by an air conditioning parts business but dropped its offer to $139,500 after an appraisal. Lazenby thought the university should pay between 50 percent and 60 percent more than the low offer, however, to compensate for incurred capital gains taxes and the cost of relocating the warehouse.

The UA Board of Trustees recently OK’d beginning eminent domain proceedings to condemn the property if its $139,500 offer was refused. But the parties finally settled on a $225,000 sale price and construction should begin within three weeks.

It should be noted that Lazenby, who has been characterized by some as a gouger of the university, already relocated the warehouse once because of the UA’s eminent domain claim. lt was originally a portion of the property at the corner of Sixth Street (U.S. Highway 62) and Razorback Road in 1993 that’s now a parking lot for Walton Arena.

That transaction is the reason the new property was set up with a tax deferment in the first place.

Lazenby says he also sold nine of the 11 properties the UA helped purchase to make way for the Walton Arts Center on Dickson Street in 1991 at their appraised values.