Title
Approval of purchase of timber rights for Jack Bennett property.
Abstract
Action Requested:
Approve the disposition of timber for the Jack Bennett property.
Introduction & Background:
When the Jack Bennett property was purchased in 2000, the agreement gave the previous owner timber rights for the parts of the property to be cleared for construction of a new high school, approximately 50 acres of the tract. In trying to sell the property, this obligation is seen as a detriment to potential buyers. So that the property can be sold free and clear of this encumbrance, the County Manager has negotiated an agreement with the former owner to purchase the timber rights for $75,000.
Discussion & Analysis:
The former land owner produced a timber appraisal and the county hired its own forester to appraise the tract. Both appraisals valued the timber similarly, with a $2,000 variation in price. The offer equates to the value of the timber for 50 acres.
Budgetary Impact:
The cost of purchasing the timber rights will be taken from the proceeds of the sale before the proceeds are distributed to Chatham County Schools, as the agreement between the county and schools allows.
Recommendation:
Approve the purchase of timber rights for the Jack Bennett property in the amount of $75,000.