Title
Resolution to Approve Participation Agreement with Ann Arbor Township for the Purchase of Development Rights on the Thomas and Theodore Braun Farm and Appropriate Funds ($350,752.50) (8 Votes Required)
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 farm owned by Thomas and Theodore Braun, tax parcel ID numbers I-09-05-100-004, I-09-05-400-001, I-09-04-200-003 and I-09-05-100-001, in Ann Arbor Township. The resolution also approves an appropriation of funds for 50% of the remaining purchase price, after grant funds are allocated, for a City contribution of $350,752.50 from the Open Space and Parkland Preservation Bond Proceeds.
Thomas and Theodore Braun applied to the Ann Arbor Township Land Preservation Program in 2009. Ann Arbor Township applied for Federal Farm and Ranch Land Protection Program (FRPP) grant funds in 2009, and the Township was subsequently awarded an FRPP grant in the amount of $673,995.00. Ann Arbor Township has been the lead agency in the negotiations with the landowner. As with any land acquisition deal which the City is involved, a donation was requested from the landowner, however, no donation was received.
Ann Arbor Township is seeking the support from the City of Ann Arbor for 50% of the remaining purchase price. The appraised value of the development rights on the property is $1,375,500.00. Thus, after the grant funds, the remaining purchase price is $701,505.00 and the City’s contribution toward the purchase price would be $350,752.50.
The easement parcel is approximately 187.06 acres and is currently in agricultural production. The property is considered large enough to sustain agricultural production and is in a location that will encourage additional farmland preservation and agricultural preservation activities.
Project Budget:
Appraised Value: $1,375,500.00
Purchase Price: $1,375,500.00
FRP...
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