Title
Resolution to Approve Participation Agreement with Scio Township for the Purchase of Development Rights on the Moore Property in Scio Township, and Appropriate Funds, Not to exceed $25,200 from the Open Space and Parkland Preservation Millage Proceeds (8 votes required)
Memorandum
Attached for your review and action is a resolution to approve a Participation Agreement with Scio Township for the purchase of development rights on the property owned by Thomas E. and Eleanor S. Moore in Scio Township. The Moores applied to the Scio Township Land Preservation program and the Township has been the lead agency in the negotiations with the landowner. Scio Township will be responsible for monitoring the conservation easement.
Scio Township commissioned an appraisal which was completed in May 2013. The Fair Market Value was determined to be $84,000 for the Purchase of Development Rights. The resolution also approves an appropriation of funds for 30% of the purchase price for the conservation easement, for a total contribution not to exceed $25,200 from the Open Space and Parkland Preservation Millage Proceeds.
Budget:
Appraised Value = $84,000.00
Purchase Price:
Township contribution = $58,800.00
City contribution = $25,200.00
Total purchase price = $84,000.00
The parcel is 24 acres and is located just north of the Huron River.
Scio Township’s share is from their Land Preservation Millage, and the City’s share is from the Open Space and Parkland Preservation Millage Proceeds.
Approval of the Participation Agreement and appropriation of funds for the purchase of development rights and due diligence was recommended by the Greenbelt Advisory Commission at their January 2, 2104 meeting. The Greenbelt Advisory Commission recommended this participation in the purchase of development rights, due to the property’s proximity to the Huron River, the property is currently in agriculture production, and the opportunity to leverage the City’s funds through pa...
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