Title
Resolution to Approve Participation Agreement with Scio Township for the Purchase of Development Rights on the Maria E. White Property in Scio Township, and Appropriate Funds, Not to Exceed $39,000 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 Maria E. White in Scio Township. Maria E. White 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 August 2013. The Fair Market Value was determined to be $134,000 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 $39,000 from the Open Space and Parkland Preservation Millage Proceeds.
Budget:
Appraised Value = $130,335
Purchase Price:
Township contribution = $ 91,335
City contribution = $ 39,000
Total purchase price = $ 130,335
The parcel is 64 acres and is located along Zeeb Road, in close proximity to other properties already protected by the City’s Greenbelt program.
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 November 7, 2013 meeting. The Greenbelt Advisory Commission recommended this participation in the purchase of the development rights due to the proximity of other properties already protected and the possibility of additiona...
Click here for full text