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acres of petitioner’s property for $2,700,000 subject to rezoning
that would yield a minimum of 48 lots. In November 1998, the
terms of Batal Builders, Inc.’s offer was modified to
approximately 32 acres for $2,450,000 not subject to rezoning.
Both purchasers were aware that the subject property might be
subjected to a conservation easement.
On February 9, 1999, petitioner entered into an agreement
with Carl Bernstein, manager of Mount Vernon Development, LLC
(MVD), for the sale of the Grist Mill property. The agreement
provided for the sale of 29 lots (comprising 32 acres) for
$2,800,000. The sale was subject to the possibility that
petitioner would donate lot 30 to the MVLA. The sale was also
subject to a conservation easement or donation in fee simple of
the outlots for recreational use, but the parties recognized that
the donation of the outlots “shall not reasonably impair the
value of the 30 lots contained within the subdivision of Grist
Mill Woods.”
Despite these express plans for 30 lots, in a letter dated
the next day, February 10, 1999, Hyland requested petitioner
consider limiting development of the Grist Mill property to 30
single-family homes. The letter inferred that petitioner could
have built 62 lots “by-right”. The letter contained the
statement that limiting the development to 30 residential units
would preserve the historical nature of the Grist Mill and might
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