Offer Submitted on Treetops Property (CT)
Greenwich and Stamford, CT–On Monday, October 2, 2000, the Trust for Public Land (TPL) submitted an offer to International Paper Company to purchase a significant portion of the 110-acre Treetops estate. Under the terms of the offer, TPL proposed to purchase 95 acres of the property plus a conservation easement over an additional 10 acres-a total of 105 acres-for $11.5 million. Under this plan, International Paper would retain ownership of the mansion and the remaining land.
“We submitted a highly competitive offer to International Paper,” remarked Tim Northrop, state director for TPL. “If our offer is accepted, International Paper will receive $11.5 million. In addition, they will retain ownership of the mansion and a large estate lot, and the value of that holding will be substantially enhanced by the permanent protection of the surrounding 95 acres as conservation land. International Paper may also be eligible for tax benefits, including a new state tax credit available to corporations that sell land for conservation. As a result, the total value of our offer to International Paper is very significant.”
This week, the Connecticut Department of Environmental Protection committed $3.5 million toward the purchase of Treetops. A combination of town of Greenwich, city of Stamford, federal and private funds will now be sought to complete the purchase. If International Paper accepts TPL’s offer, DEP is slated to be the eventual owner of the Treetops property, with the municipalities receiving conservation easements.
“We are excited about the opportunity to contribute to the acquisition and preservation of the Treetops property as open space,” said Department of Environmental Protection Deputy Commissioner David K. Leff. “This property will enhance previous acquisition projects in this densely populated area and continue the state’s commitment to preserve and protect ecologically valuable habitat. The continued partnership of the state, the Trust for Public Land, city of Stamford, and town of Greenwich ensures the preservation of the Mianus River corridor for future generations to enjoy.”
Straddling the Mianus River, the 110-acre Treetops property includes 70 acres in Greenwich and 40 acres in Stamford. Except for a mansion on the Stamford parcel, the property is undeveloped, making it one of the largest privately owned parcels of open space in lower Fairfield County. Treetops lies adjacent to the 220-acre Mianus River Park and is a major component of the Mianus River Greenway. It also contains important wildlife habitat, including ten large vernal pools. Finally, Treetops lies within the watershed of the Mianus River, which provides drinking water to 130,000 people in New York and Fairfield County, Connecticut.
The Trust for Public Land is a national conservation organization dedicated to protecting land for people to enjoy as parks and open space. Since 1972, the Trust has protected more than 1.2 million acres nationwide, including nearly 60,000 acres in New England. For more information, contact our New Haven office at (203) 777-7367 or visit us on the Web at www.tpl.org.
Posted on October 5, 2000