Phelps Dodge Buys Planet Ranch

Phelps Dodge Corp. will pay $24.6 million in cash & water to Scottsdale for the 8,300-acre Planet Ranch. Phelps Dodge will create a wildlife habitat on the land. The deal itself must be approved by the Scottsdale City Council next Tuesday, with Phelps Dodge paying Scottsdale $12 million & give the city 50,000 acre-feet of surface water credits worth $12.6 million.