DEPARTMENT: Physical Development Administration
FILE TYPE: Consent Action
TITLE
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Authorization To Execute New Option Termination Agreement With The Vance B. Grannis, Jr. Revocable Trust
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PURPOSE/ACTION REQUESTED
Authorize the execution of a new Option Termination Agreement that will terminate the right to purchase property in fee title in exchange for the donation of permanent and temporary easements associated with the future County Road 73 improvement project at both 9047 and 9075 Barnes Ave in Inver Grove Heights.
SUMMARY
On May 9, 2017, the County executed an Option Agreement (Option) by Resolution No. 16-355 (June 21, 2016) with Vance B. Grannis, Jr., and Darlene R. Grannis, husband and wife, with subsequent interest transferring to the Vance B. Grannis, Jr., Revocable Trust (Trust) for the right to purchase the Grannis family property in fee title.
The Option, which could not be exercised prior to August 1, 2024, and would be in effect until August 1, 2030, provided the County to acquire fee title to 124.5 acres based on donated land value; the County would pay closing costs and deferred Green Acres taxes. Due to existing statutes that prevent counties from owning property for conservation purposes, the County's likelihood of exercising this option prior to 2030 is low. A separate provision provided an opportunity to acquire fee title to the 7.2-acre homestead exception area and an additional 1.3 acres of adjacent land at the appraised value. The homestead could be used for a family residence or for environmental education purposes for a period not to exceed 2077, so this Option would need to wait an additional 52 years before it could be exercised and would similarly require legislative updates to allow counties to own property for conservation purposes.
Earlier this year, the Trust approached the County about assisting with the implementation of a new Nature Center by terminating the Option to free up the properties to be donated to Dodge Na...
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