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File #: 10-0656    Version: 1 Name: 07/06/10 Whitney FRPP
Type: Resolution Status: Passed
File created: 6/24/2010 In control: City Council
On agenda: 7/6/2010 Final action: 7/6/2010
Enactment date: 7/6/2010 Enactment #: R-10-248
Title: Resolution Approving Cooperative Agreement between the United States of America Commodity Credit Corporation and the City of Ann Arbor for the Farm and Ranch Lands Protection Program for the Gilbert L. Whitney Property and to Approve Purchase Agreement and Appropriate Funds in the Amount of $1,125,592.00 (8 Votes Required)
Attachments: 1. Whitney Map.pdf
Title
Resolution Approving Cooperative Agreement between the United States of America Commodity Credit Corporation and the City of Ann Arbor for the Farm and Ranch Lands Protection Program for the Gilbert L. Whitney Property and to Approve Purchase Agreement and Appropriate Funds in the Amount of $1,125,592.00 (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve a Cooperative Agreement between the United States of America Commodity Credit Corporation and the City of Ann Arbor for the Farm and Ranch Lands Protection Program (FRPP) grant funds for the Gilbert L. Whitney farm in Webster Township.

On February 1, 2010 (R-10-022), City Council approved grant application to the Farm and Ranch Land Protection Program for the Purchase of Development Rights (PDR) for the Whitney farm. The City recently received notice that NRCS has awarded $418,470.00 toward the purchase of the development rights on the farm.

Purchase Agreement:
An appraisal was completed for the development rights on the property in February, 2010.

The attached resolution also approves the Purchase Agreement for the Sale of Agricultural Land Development Rights for the farm. The Purchase and Sale of the development rights is contingent on the following:

A. Approval of the appraisal by FRPP and the City for the establishment of a fair market price for the development rights;
B. Conveyance of good and marketable title to the development rights;
C. An environmental site assessment acceptable to the City of Ann Arbor in its sole discretion;
D. Agreement to the terms and conditions of a Grant of Easement for the Development Rights required by all respective governmental entities connected with the purchase of the development rights.

Project Budget:
Purchase Price:
Appraised Fair Market Value: $1,073,000.00
FRPP Amount: $ 418,470.00
City portion of purchase price: $ 654,530.00

Other Costs:
Estimated Due Diligence: $ 12,000.00
Estimated Closing Costs: $ ...

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