Old Greenwood donates money, land to Land Trust
East West Partners will donate approximately $567,500 and 260 acres of land to the Truckee Donner Land Trust, because of the successful sales at the Old Greenwood development.
According to the land trust’s executive director Perry Norris, when Old Greenwood was making its way through the approval stages, the Mountain Area Preservation Foundation threatened litigation. East West responded by agreeing to donate $500,000 for major land acquisitions to the land trust.
In addition, according to Blake Riva, a partner at East West, the 260 acres of land and a real estate transfer fee of one-quarter of one percent of every sale made were already in the plans.
“We had always contemplated giving the 260 acres,” Riva said. “The transfer fee was always in our plans.”
While the transfer fee does not seem like much, the lots were selling for anywhere between $250,000 and $745,000, and $350,000 on average.
In only two hours Aug. 9, East West sold approximately 90 percent – 86 out of 99 – of their lots at the Old Greenwood property, which totaled approximately $27 million.
With 13 lots left in the area, the land trust stands to receive approximately $12,000 more from East West.
“[The donations are] very beneficial on multiple levels. We provided capital for the land trust to get a major land acquisition,” Riva said. “It also provides for 260 acres of permanent open space, which we can benefit from today.”
Norris said the suit, filed by MAPF, was actually filed against the Town of Truckee. MAPF contended that the town council did not have the authority to disregard parts of the general plan without creating an amendment.
Specifically, Norris said the town wanted a development in that area – on the east side of Truckee, just off Interstate 80 – and the town council, in MAPF’s mind, overstepped its boundaries.
“I was OK with the plan,” Norris said. “The town wanted a development there,” so the land trust could not do much about preserving the area.
Not wanting to lose the approval, East West quickly made a deal with MAPF, Norris said. He said the TDLT will preserve the area it acquired and close it to motor vehicles, but will still be open to hikers and bikers.
The stipulation that comes with the $500,000 is the land trust must use it for major land acquisitions, but the percentage from the sales gives the land trust much more leniency. The only catch, according to Norris, is the land trust must report to MAPF and Old Greenwood about what it spent the money on.
Norris said the TDLT has a few projects in the works, which they can use the monetary donations for.
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