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buildings. Walker was assured by the Coconino County planning
director that, although the current Zoning Department probably
would not allow 1,596 units to be built on the property, locating
a golf course in and around the dry lake area of the property
would not present a problem.
Real Estate Purchase Agreements
On December 29, 1995, PCB or its nominee entered into a real
estate purchase agreement (1995 purchase agreement) with Cherry
for the purchase of approximately 240 acres of the subject
property. Petitioner intended that once FRGC was formed, FRGC
would become PCB’s nominee for the purchase agreement.
PCB deposited $25,000 with First American Title Co. to open
escrow on the real estate transaction. On March 14, 1996, PCB
advised Cherry of objections to numerous survey and other title
report exceptions for the subject property. On April 15, 1996,
escrow for the 1995 purchase agreement was canceled.
On August 14, 1996, PCB entered into a second real estate
purchase agreement (1996 purchase agreement) with Cherry for the
purchase of the entire 404 acres of subject property. The sale
also included Cherry’s interest in the Flagstaff Ranch Water Co.
PCB deposited $5,000 with First American Title Co. to open escrow
on the real estate transaction on August 30, 1996, and deposited
an additional $20,000 on November 26, 1996. The 1996 purchase
agreement required closing escrow on or before December 31, 1997.
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