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:
- ratified a Declaration of Restrictive Covenants that will govern private development in the park, relating to matters such as conservation, vegetation, building standards, vehicle and pedestrian traffic, open space requirements, lighting, signage, landscaping and miscellaneous use matters;
- ratified the subdivision of the BTR park;
- ratified several new and relocated utility easements;
- approved the future conveyance of the BTR's "loop road" to the city of Kalamazoo, which will make it a public street;
- approved the conveyance of 17-foot-wide piece of property along the south side of Parkview Avenue to the city of Kalamazoo to allow for expansion of the Parkview Avenue right-of-way, along with the future conveyance of any substantially similar portion of land along the north side of Parkview Avenue to the city of Kalamazoo if needed; and
- authorized the University administration to execute all ancillary documents required to carry out all of the above items.
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.
Media contact: Jessica English, 616 387-8400, jessica.english@wmich.edu