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Intel Signs $5.2-Mil Option for 700 Acres

COLORADO SPRINGS, CO-Intel Corp. options 700 acres of the 24,000-acre Banning Lewis Ranch. The chipmaker has plunked down a non-refundable $300,000. Still, Colorado Springs isn't a shoo-in. There are 12 other locations under consideration.

By John Rebchook | Updated on October 17, 2001

COLORADO SPRINGS, CO-Giant chipmaker Intel Corp. placed 700 acres in Colorado Springs under contract in a $5.23-million option. The San Jose, CA-based company has plunked down a non-refundable $300,000 for the land, which is located about three miles south of the Colorado Springs airport.

If Intel follows through on purchase, it would create the second biggest campus in the country, falling just 30 acres shy of matching its Octotillo, AZ location. The land used to be part of the 24,000-acre Banning Lewis Ranch, annexed by the city in 1988. A year later, the acreage fell into receivership when its special district defaulted on millions of dollars in bonds to finance infrastructure on the parcel.

The Colorado Springs City Council recently approved a one-time fee of $3,000 per acre to settle concerns that a property owner would have to pay too much money for roads and other improvements to the land. Conceivably, the buyer would have been responsible for all of the improvements for the entire Banning Lewis Ranch. The one-time fee would add $2.1 million to the $5.3 million price tag, but would get it off the hook as far as paying for other improvements to the full 24,000 acres.

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