Title
Request to Sell 67650 Van Dyke Road, Washington Township, Michigan 48095
Body
Agenda of: December 13, 2023
Item No.: 2023-464
Amount: $985,000.00 less closing costs and brokerage fees
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: November 30, 2023
RE: Request to Sell 67650 Van Dyke Road, Washington Township, Michigan 48095
MOTION
Upon recommendation and opinion of Suzanne R. Coffey, P.E., Chief Executive Officer, and William M. Wolfson, Chief Administrative and Compliance Officer/Interim General Counsel, the Board of Directors for the Great Lakes Water Authority (GLWA):
1) Approves the sale of 67650 Van Dyke Road, Washington Township, Michigan 48095 (the "Property"), at a purchase price of Nine Hundred Eighty-Five Thousand and 00/100 Dollars ($985,000.00), less closing costs and brokerage fees, to P. Eugene D'Agostini, on behalf of an entity to be formed; and
2) Authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote, including executing the Purchase Agreement and any closing documents.
JUSTIFICATION
The Property is a vacant parcel. In 2009, the Property was purchased for a total of $985,000 with the intent to build a new pump station.
Pursuant to the Regional Water Supply System Lease and the Master Bond Ordinance, GLWA has the right to sell Leased Water Facilities that are no longer needed or useful in connection with GLWA's operations to support its service to wholesale customers.
By selling the Property, it will be returned to productive use as either residential or commercial facilities.
BUDGET IMPACT
To be determined upon the closing and consultation with Bond counsel.
COMMITTEE REVIEW
This matter was presented to the Legal Committee at its meeting on December 13, 2023. The Legal Committee unanimously recommended that the GL...
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