COUNCIL BLUFFS, Iowa -- The Board of Regents, State of Iowa, this morning approved the sale of Iowa State University's 1,031-acre Ankeny dairy farm. The City of Ankeny has agreed to pay a net value of $20.6 million to ISU over a two-year period. Terms of the sale include three payments, with final payment due Sept. 1, 2007.
Since the 1940s, the land has been the site of Iowa State agricultural research, primarily in dairy science. In 2002, state legislation directed the university to sell the farm to accommodate Ankeny's growing development needs and to use the proceeds to establish a new dairy farm.
The City of Ankeny plans to develop the land for commercial and residential use.
Iowa State will begin construction on its new dairy facility this September. It will be located on 887 acres of farmland south of Ames -- joining a corridor of existing ISU animal science teaching and research farms.
As part of an agreement with the City of Ankeny, Iowa State will continue to use a portion of the Ankeny farm for its dairy science educational and research programs. Once the new dairy facility is open, the university will complete the transfer of programs from Ankeny to rural Ames.