November 21-22, 2002
ITEM 117-2001-R1102��������������� Authorization to Enter into Negotiations for a Trade of Land with SAAM Real Estate, the Owner of Two Lots in the Greekway Subdivision; Montana State University- Bozeman
THAT:�������������������������������������� The Board of Regents of Higher Education authorizes Montana State University-Bozeman to negotiate a land trade with the owners of Greekway Subdivision lots 4 and 5 for lots 6,7 and 9.
EXPLANATION:����������������������� The plat of the Greekway Subdivision, an addition to the City of Bozeman in 1964.� The recorded plat contained two restrictions: 1) The lots cannot be subdivided and 2) no building less than 6,000 square feet can be constructed on any lot.� An unrecorded restriction contained in the original certificates of purchase added the restriction that any building constructed must be a single family dwelling and "For the purpose of this covenant, a sorority or fraternity house shall be considered a single family unit." The subdivision was created with the intention that it would house the university's fraternity and sorority residences.�
Some of the lots were purchased by fraternity and sororities and developed [Lots 3 and 8 on attached map].� Other lots were sold but were never developed. [Lots 2,4,5, 6 and 9.]�� Lots 1 and 7 were never sold and MSU regained ownership of lots 6 and 9.� The purchasers of Lots 2,3,4, 5 and 8 completed payment and deeds were issued, However, the deeds issued to the purchasers of Lots� 4 and 5 by the university failed to include the restriction for single family dwellings and the reference to sorority and fraternity houses.� This restrictive covenant was never recorded on the property.� SAAM Real Estate, a Bozeman development company,� has purchased the lots from the fraternity or sorority owners and hold the lots by deed without a restrictive covenant.� The company plans to construct multi-unit apartment complexes on the lots.
MSU seeks permission to negotiate a land trade with SAAM Real Estate. MSU would like to propose that MSU trade Lots 4 and 5 for lots 6, 7, and 9, with the difference in the square footage to be paid in cash by SAAM Real Estate after an appraisal of the lots.� MSU seeks to undertake the trade to consolidate its ownership of lands west of the Greekway Road for future university uses.� If MSU is successful in negotiating a proposed land trade with SAAM after receipt of the appraisals, MSU will proceed to comply with the requirements of Section 20-25-307, MCA, including providing public notice of the proposed land exchange and allowing the public opportunity to comment.�� Any negotiation for the land exchange will be conditioned upon approval of the Board of Regents and concurrence of the Board of Land Commissioners as required under Section 20-25-307, MCA.
ATTACHMENT������������������������� Sub-Division Map
����������������������������������������������� Record of Ownership