Richardson preserves nature with 58-acre $11M buyRichardson preserves nature with 58-acre $11M buyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=18152015-02-04T06:43:00Z2015-02-04T00:00:00Z

RICHARDSON - The Richardson City Council has finalized a deal to buy a 58-acre tract near the new CityLine development that will double the size of the city's Spring Creek Nature Area.

The city paid the seller — Galatyn Properties Ltd. — $11 million to acquire the four parcels, which previously had development plans for 2,267 apartments.

With the acquisition closed, Richardson has begun the long-term planning for the park's future nature area enhancements, which will include expanding the existing hike-and-bike system on the expanded acreage.

As part of the agreement, Galatyn will move its plans to develop the 2,267 apartment homes to other parcels of the group's holding closer to the light rail station. The city reduced the maximum number of authorized apartments to 1,850.

Richardson plans to provide utility infrastructure improvements, property tax and agricultural rollback tax rebates on the parcels where Galatyn plans to develop the apartments.

City Manager Dan Johnson said this deal supports Richardson's long-term vision for strategic development of adjacent urban centers. The property's history dates back to the Caddo Indians and the early pioneers that settled the region.

Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/news/2015/01/29/richardson-buys-58-acres-near-cityline-for-11m-to.htmlRead more at {Source}

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