Title
Resolution to Approve Participation Agreement with Ann Arbor Township for the Purchase of Development Rights on the Newton Farm Property in Ann Arbor Township, and Appropriate Funds, Not to Exceed $85,726.00 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 Ann Arbor Township for the purchase of development rights on the farm owned by James K. Newton et al in Ann Arbor Township. Ann Arbor Township will be responsible for monitoring the conservation easement. The resolution also approves an appropriation of funds for 25.5% of the purchase price for the conservation easement and 50% of due diligence costs, for a total contribution not to exceed $85,726 from the Open Space and Parkland Preservation Millage Proceeds.
The Newton family applied to the Ann Arbor Township Land Preservation program and the Township has been the lead agency in the negotiations with the landowner. Ann Arbor Township is seeking the support from the City of Ann Arbor for 25.5% of the purchase price for the conservation easement. The Township received a grant from USDA Farm and Ranchland Protection Program for 49% of the appraised value. The appraised value of the development rights on the property is $323,828.00.
Details of the budget for acquisition of development rights are as follows:
Appraised Value = $323,828.00
FRPP grant = $158,676.00
Township contribution = $ 82,576.00
City contribution = $ 82,576.00
Total purchase price = $323,828.00
City contribution:
Purchase Price for the
conservation easement = $82,576.00
50% Due Diligence = $ 3,150.00
Total City costs = $85,726.00
The parcel is 58.85 acres and a portion is currently in agricultural production. The property is adjacent to additional farms already protected by Ann Arbor Township and the City’s Greenbelt Program.
Ann Arbor Township’s share is from their Land ...
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