Trustees authorize BTR-related property items
May 31, 2001
KALAMAZOO -- The Western Michigan University Board of Trustees today ratified the sale of two parcels of land in the University's Business Technology and Research Park, and approved a host of other proposals related to the park.
Trustees approved the sale of 15.09 acres for $482,880 dollars to local developers Ridgewood Partners LLC, which will develop the land for Richard-Allan Scientific Inc., the University's first BTR partner. The purchase agreement for the transaction approved by trustees was executed on March 22, along with the Early Access and Hold Harmless Agreement on March 23. A Warranty Deed transferring the property also was approved and will be executed. Members of the Board of Trustees also authorized future conveyance of an 8-acre adjoining parcel to Ridgewood Partners if that company exercises the option it recently purchased to accommodate future expansion at the Richard-Allan site.
The University's purchase agreement with Glysan LLC, an entity affiliated with BTR partner Fluid Process Equipment Inc., was also approved. The purchase price of the 5.5 acre parcel that will house Fluid Process Equipment was $215,000.
In related BTR action, trustees also:
In other property action, the board authorized University officials to transfer a small parcel of land located along US-131 in city of Kalamazoo to an adjacent landowner, Housing Resources Inc. The strip of property, which is 33 feet wide and 1,180 feet long, was sold for $1 to the local 501(c)(3) corporation. At one time the land connected two University-owned parcels, both of which have since been sold.
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