Title
Resolution to Approve Participation Agreement with Pittsfield Township for the Purchase of Development Rights on the Zella Polliey Property in Pittsfield Township, and Appropriate Funds, Not to Exceed $59,367.00 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 Pittsfield Township for the purchase of development rights on the property owned by Zella Polliey in Pittsfield Township.
An appraisal was completed and the Fair Market Value for the purchase of development rights was determined to be $38,000. Pittsfield Township Board of Trustees has obligated $5,000 toward the purchase price. In addition, funds from Cherry Republic have been donated to the City's Greenbelt program, which will be allocated to the purchase price.
Budget:
Purchase Price = $38,000.00
Township contribution = ($ 5,000.00)
Cherry Republic = ($ 5,200.00)
City Contribution = $27,800.00
Additional Budget Items:
Closing and Due Diligence = $ 7,700.00
Endowment = $23,867.00
Additional costs = $31,567.00
Total City Contribution
Purchase Price = $27,800.00
Additional Costs = $31,567.00
Total Costs = $59,367.00
The parcel is 10 acres and is located along Marton Road, just north of Textile Road. The property is surrounded on 3 sides by the Pittsfield Preserve, which is owned and managed by Pittsfield Township.
Approval of the Participation Agreement and appropriation of funds for the purchase of development rights and due diligence was recommended by the Greenbelt Advisory Commission at their May 1, 2014 meeting. The Greenbelt Advisory Commission recommended to move forward with the application due to the proximity of other properties already protected and the possibility of additional preservation in close proximity, the property is in active agriculture, and the possibility to leverage the City funds through a partn...
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