Goodhill-Peterson - 1981-12-31


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Goodhill-Peterson - 1981-12-31

Material Information

Title:
Goodhill-Peterson - 1981-12-31
Publication Date:
Language:
English
Physical Location:
Box 2

Subjects

Subjects / Keywords:
Ranchers -- Law and legislation -- Florida
Okeechobee, Lake (Fla.) ( lcsh )

Record Information

Source Institution:
University of South Florida
Holding Location:
University of South Florida
Rights Management:
The University of South Florida Libraries believes that the Item is in the Public Domain under the laws of the United States, but a determination was not made as to its copyright status under the copyright laws of other countries. The Item may not be in the Public Domain under the laws of other countries.
Resource Identifier:
035069031 ( ALEPH )
981477171 ( OCLC )
L41-00119 ( USFLDC DOI )
l41.119 ( USFLDC Handle )

USFLDC Membership

Aggregations:
University of South Florida
Lorida Audubon Collection

Postcard Information

Format:
Book

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Full Text

PAGE 1

..... It "' I . I I RICHARD H. POUGH JOHN G. ORDWAY, JR. RAYMOND A. CARTER TRUSTED GOODHILL FOUNDATION. INC. 529 FIFTH AVENUE NEW YORK, NEW YORK 10017 < 212 > !599,0!SOO f Rec' d_. J : : ~ 4 1982 Reterrc Act.i December 31, 1981 BY HAND Dr. Russell W. Peterson National Audubon Society 950 .Third Avenue New York, N. Y. 10022 Dear Russ: Without knowledge of market values in the Ordway-Whittell Preserve area, the Goodhill Trustees must again rely on the Audubon staff for determining the reasonableness of the price being paid by Audubon for the half section of undeveloped property being purchased from the Smith Estate. We would be interested in knowing what the farmer is paying for the other half section, which we understand is productive farmland, and also interested in knowing the value accepted by I.R.S. for this section of property in the estate tax proceeding in the Smith Estate. We would appreciate your obtaining this information for us. I stated to you yesterday, after discussions with you and a conference with John Ordway, that Goodhill,with the approval of Dick Pough, is willing,because of the changed facts and conditions underlying the propective purchase by Audubon,to amend its action taken at

PAGE 2

GOODHILL FOUNDATION, INC. Dr. Russell Peterson December 31, 1981 Page Two its Annual Meeting on October 27, 1981, as reported to you in my letter of October 29, 1981 with reference to the Smith parcel. Assuming an executed valid contract to purchase the half section of Smith property contiguous to the Ordway-Whittell Preserve, and assuming a clear title to said property, at the closing: 1. Goodhill will fund a grant to Audubon in an amount equal to half of the purchase price of said. property up to and including $125,000. 2. Goodhill will loan to Audubon an amount equal.to one half of the purchase price up to and including $125,000 for the purpose of purchasing said property, on an unsecured. Audubon note, without interest, due on or before September 1, 1983. If, prior to the due date of said note, Audubon shall at a reasonable price purchase additional property with a clear title contiguous to the Ordway-Whittell Preserve, Goodhill on a dollar for dollar matching basis

PAGE 3

. ' r GOODHILL FOUNDATION, INC. Dr. Russell Peterson December 31, 1981 Page Three will grant to Audubon at that time an amount equal to half of the purchase price of said additional parcel up to and including $125,000 and fund said grant to the -extent. necessary with a cancellation in whole or in part of said note. The balance of said note, if any, not ne.cessary to fund the additional grant, shall be returned to Goodhill. Under no other circumstances or condition will said loan ripen into a grant from Goodhill to Audubon. If an additional contiguous parcel or parcels are not available for purchase by Audubon at a reasonable price on or before September l, 1983, the said loan shall be repaid at Goodhill's office on the due date of said note. It is understood that the additional parcel or parcels contiguous to the Ordway-Whittell Preserve shall become a part of the Ordway-Whittell Preserve and that said parcel or parcels shall be placed under a conservation easement as was done with the acquisition of the original Ordway-Whittell property. Prior to the closing, Goodhill will requix-e Board authorization or Board ratification of the authority of Audubon to borrow from Goodhill and to execute a

PAGE 4

GOODHILL FOUNDATION. INC. Dr. Russell Peterson December 31, 1981 Page Four note in repayment of the loan. If this letter correctly records the substance of our understanding, will you please sign and return to me a copy of this letter, which is enclosed, indicating your approval. As The Nature Conservancy will again be involved with the conservation easement, with your approval, I shall send a copy of. the letter containing your approval to Bill Blair. Dated: National Audubon Society By ___________ _ RAC/tt Enc. President Sincerely, GOODHILL FOUNDATION, INC. cc: Messrs. Richard H. Pough John G. Ordway, Jr.


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