05-21-91 CCM - Laserfiche WebLink

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Memo to City Council -three- March 15, 1976 plat of DeMontreville Highlands is actually recorded. The risk the City is taking is that if the Plat of DeMontreville Highlands is never completed and recorded for some unforeseen reason the City will not get the 8.79 acres and will have ended up paying $60,000.00 for the 15 acre parcel referred to as Park "A". Also, if for some unfore- seen reason the present owners of the property - Allied Properties, Inc. - should de- fault on their contract with Mrs. Crombie prior to the dedication of Park "B" she might foreclose her vendee's interest in the real estate and, of course, she would not be bound to dedicate this particular tract of land as part of the park. of course, the developer has an economic interest in getting the plat completed and it is reasonable to expect they will proceed as quickly as possible with comple- tion of the final plat in accordance with the preliminary approval. The development agreement insures dedication of Park "B" at such time as the Plat is recorded. Even though the risk may be slight, I want to be.sure the Council is aware of that risk, for if either of these contingencies should occur; and Park "B" should not be dedicated then the City would be in the unfortunate position of having paid $4,000.00 an acre for the 15 acre tract known as Park'"A"..