A private company and the town of Queen Creek are proposing a water deal that would leave 485 acres of farmland permanently dry near the Colorado River and send the water used on that land to the fast-growing Phoenix suburb.

The company GSC Farm LLC is seeking to sell its annual entitlement of 2,083 acre-feet of Colorado River water — about 678 million gallons — to Queen Creek for a one-time payment of $21 million. The town and the company asked regulators at the Arizona Department of Water Resources to endorse the water transfer, and the agency is holding a series of four meetings this week to hear comments on the proposal.