SUBJECT:
Title
Request for Approval for Assignment of Transferrable Development Credits (TDC 2009-01A) from Weyerhaeuser Company (Successor to Plum Creek Land Company and Plum Creek Timberlands, L.P.) to Weyerhaeuser NR Company for 558 Transferable Development Credits
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INITIATOR: DEPARTMENT:
Chuck Varadin, Director Growth Services
DESCRIPTION/BACKGROUND:
In 2009, the Board approved accepting a conservation easement over 1,957 acres from the Plum Creek companies, and in return issued 1,957 transferable development credits (“Credits”) which then then petitioner requested be assigned to two of their then specific companies as follows: Plum Creek Land Company, 1,399 credits; Plum Creek Timberlands, L.P., 558 credits.
The Plum Creek companies have since been acquired by and incorporated into the Weyerhauser Company, as the successor Credits holder. The Weyerhauser Company is requesting to assign 558 Credits to the Weyerhauser NR Company. The request is intended to update contact information on file with Marion County to facilitate private parties seeking to acquire their Credits.
The Assignment of Transferrable Development Unit Credits executed by Weyerhauser Company to Weyerhauser NR Company is attached. Transfer of the Credits will be effective upon recording of the executed form.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Assignment transferring 558 Credits from Weyerhauser Company to Weyerhauser NR Company, and authorize the Chairman to sign the Assignment of Transferrable Development Unit Credits form to reflect the Board’s approval.
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