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Troy Considers Raising $25 Mil to Buy Wetlands

TROY, MI-This Detroit suburb with the hottest office market considers how to save wetland

By Robert Carr | Updated on August 28, 2001

TROY, MI-The city council considered ways Monday night to preserve wetlands inthis city of 80,000 people, and also discussed ways of swapping property with developers to save the 356 parcels of open space. The council discussed variations of the proposed Natural Features and Wetlands Ordinances.

Talks included the introduction of a .5-millage increase, to be approved by a public vote in April, that would raise about $2.4 million each year for 10 years to buy about 20% of the parcels.

City staff estimates the entire 356 parcels would cost about $55 million to buy today, and almost twice that amount in 10 years. If the vote went through, it will be a tough task to keep owners of those parcels from inflating their prices, council members agreed.

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