Report
‘REAL ESTATE IS KING’
The University’s use of tax-exempt land has given itself the ability to find new sources of revenue. The ethics of the practice, however, have come into question. by Alexis Waiss and Jamie Montoya
Photo by Kiersten Moss
When President Michael Crow came to ASU, he had a new vision for higher education, with the lofty goals of transforming society, creating research with “purpose and impact,” and enabling student success. But his vision faced an immediate roadblock: money.
In the years since, ASU has generated revenue by leasing its tax-exempt land to private-sector companies, a practice pursued throughout Crow’s 20-year tenure in an attempt to make up for insufficient state funding. According to data collected by the Maricopa County Assessor’s Office, in 2002, over half of ASU’s parcels of