Wednesday, July 19, 2017
DALLAS — The city may finally have the last piece of the Mercer Reservoir watershed property purchase completed.
City Manager Ron Foggin said property line adjustments required before the sale could be final took longer than expected, but are now finished.
“All of the property line agreements and adjustments have been made and have been submitted to the county,” Foggin said. “The huge hurdle has been overcome and now it in the hands of the county to finalized. Based on where we are, as soon as the county work is done, we should be ready to close on the property.”
The city has been pursuing the purchase for years and approved financing for the approximately $1.9 million purchase in January. About 400 acres are part of the purchase.
The purchase price will be divided among three land owners: Golden Pond Timberlands — $975,000; John Hancock Life Insurance Company USA — $621,000; and Hancock Timberland XI Inc. — $303,000.
“It been a difficult haul on the property adjustment,” Foggin said Monday.