Title
Resolution to Purchase Vacant Property Located on Meadowcreek Drive, Owned by Windy Crest Partnership, and Appropriate $95,500.00 from the Open Space and Parkland Preservation Millage Proceeds (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve the purchase of the property owned by Windy Crest Partnership, a vacant property located on Meadowcreek Drive, and appropriate $95,500 from the Open Space and Parkland Preservation Millage Proceeds. The tax parcel ID is I-09-26-325-021.
The parcel is located immediately adjacent to Ruthven Nature Area and the site will provide expansion of the existing nature area. The site would be maintained as a natural area and managed by the Natural Area Preservation staff consistent with restoration efforts on the adjacent Ruthven Nature Area including prescribed ecological burns and removal of non-native species. The site contains a portion of Millers Creek and is predominantly in the floodplain.
A Phase I Environmental Site Assessment will be completed on the property, prior to closing. Once the purchase is complete, City staff will start the annexation and rezoning process.
An appraisal was completed for the development rights on the property in October 2012, and the fair market value was determined to be $110,000 for approximately 8 acres. The resolution approves a purchase price of $110,000 based on a fair market appraisal of the property, and approves a total project budget of $95,500 from the Open Space and Parkland Preservation Millage Proceeds to cover the purchase price, due diligence and closing costs.
Project Budget:
Purchase Price $110,000
County (25%) contribution $27,500
City contribution $82,500
City purchase price $82,500
Est. Closing Costs $3,000
Est. Due Diligence Expenses $10,000
Total Appropriation $95,500
Participation Agreement:
The City will hold title to the property and be responsible for management of the property. Washtenaw County Parks an...
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