Time has moved slowly for the Stickney-McCord property.
For almost a decade now, the property sat vacant on Pine Knob Road. This past April, the Independence Township Board of Trustees voted to allow the home for residential, not public use.
In October, trustees voted to sell the property to township resident and planning commissioner Sam Moraco for $5 plus the cost of restoration.
Now, almost a year after discussions on the property began, board members voted unanimously at the Dec. 6 regular meeting to enter a final contract for transfer of the property to Moraco.
According to Moraco and Township Attorney Stuart Cooney, reversionary language in the final agreement was the ‘stumbling block.? The reversionary language allowed for the property to revert back to township ownership in specific situations, such as abandonment or Moraco’s inability to complete the project.
‘I’ve called it a deal breaker in my discussions on this matter,? said Cooney.
Moraco explained to the board that the reversionary language is causing difficulties with lenders. He said he was unable to acquire the financing for the project because of the provision.
According to Cooney, Moraco asked that the reversionary language be removed and a restrictive covenant put in place instead.
‘In a sense, the township would become a creditor, not the owner in these instances,? explained Cooney.
The board approved the change with a $50,000 bond was placed on the requirement.
In other township business:
? Renee Poole was promoted to assistant finance director. She is replacing Sue Wagner, who is retiring this January.
? The township board set the regular meeting dates for the 2006 year.
? Parks and Recreation Director Mike Turk received permission to hire Lisa Sargent as recreation coordinator for the department.
? The first reading was heard on a rezoning request to change approximately 30 acres, located at the southeastern corner of Clarkston and Sashabaw Roads, from Research Office to Planned Unit Development.
The applicant, Clarkston Sashabaw Holdings, LLC, is looking to develop the Pine Knob Corporate Centre which will incorporate around 133,000-square-feet of retail space including: a banquet center, several retail shops, a bank, restaurant and office space.
The ‘campus-type atmosphere? project calls for nine buildings constructed in separate phases and incorporates shared parking. The plan calls for protection of 2.5 acres of wetland and utilizes bio-swells, not curbs and gutters, to disperse water run-off.