Title
Resolution to Approve Participation Agreement with Ann Arbor Township for the Purchase of Development Rights on the William B. Gould Property in Ann Arbor Township and Appropriate Funds for 50% of the Remaining Purchase Price, and Due Diligence and Closing Costs, Not to Exceed the Amount of $269,000.00 From the Open Space and Parkland Preservation Bond Proceeds
Memorandum
Attached for your review and action is a resolution to approve a Participation Agreement with Ann Arbor Township for the purchase of development rights on the William Gould property, tax ID numbers I-09-05-200-002 and I-09-05-200-001, in Ann Arbor Township and to appropriate funds for 50% of the remaining purchase price, 50% of the due diligence and 100% of the closing costs and monitoring costs, not to exceed $269,000.00 from the Open Space and Parkland Preservation Bond Proceeds.
William Gould applied to the Ann Arbor Township Land Preservation program in 2007. In January 2008, the City of Ann Arbor applied for grant funds from the Farm and Ranchland Protection Program for the purchase of development rights on the property, and was subsequently awarded a grant in the amount of $256,000. The City of Ann Arbor and Ann Arbor Township have jointly been negotiating with the landowners. As with any land acquisition deal which the City is involved, a donation was requested from the landowner, however, no donation was received for this acquisition.
The property is located along Joy Road, and provides sweeping views along the major corridor. This property is a high priority for both the Ann Arbor Township program, as well as the City’s Greenbelt program. The easement will be transferred to Ann Arbor Township after closing.
The property is approximately 51.2 acres in size and is currently in agriculture production. The property is considered large enough to sustain agricultural production and is in a location that will encourage additional farmland preservation and agricultural preservat...
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