Title
Resolution to Approve the Purchase of and Appropriate Funds for the Acquisition of the Narrow Gauge Holdings, Inc. and Sondra Gunn Properties from the Open Space and Parkland Preservation Bond Proceeds in the Amount of $1,854,000.00 (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve the purchase of and appropriate funds for the acquisition of the Narrow Gauge Holdings, Inc. and Sondra Gunn parcels, which are approximately 13.5 acres, from the Open Space and Parkland Preservation Bond Proceeds in the amount of $1,854,000.00.
At closing the City will be conveyed a remainder interest in the property which shall come into possession of the City on December 28, 2008. The landowners will retain a one-year term of years in the property which will be leased back to the City for that one year period for $1.00, with public access provided during the one-year lease. Under the terms of the lease, the landowners, under the conditions of their reserved one-year term of interest in the property, will be responsible during the lease period for paying all taxes and special assessments (if any), property management except for routine operational management associated with public access requirements, insuring their interest in the property and indemnifying the City in connection with their remainder interest.
The site was the only site recommended in the Millers Creek Watershed Improvement plan for protection, based on the high floristic quality of the area and the high quality of Millers creek on the site. The Narrow Gauge property is the only known site of a ground water spring within the Millers Creek watershed. The spring sustains sensitive macro invertebrates and has wetland flora that is unique to this type of habitat. The Huron River Watershed Council uses this site for stream monitoring and consistently finds stone fly larvae in the stream and the spring. The site would be left undeveloped as a natural area. The City...
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