August 10, 2001
Dear George & Eric:
I have received a letter with a proposal from David Singer representing Ted Haber. They propose having the farm appraised for overall value in two figures, working farm value & development rights. Then gifting the development rights to the Mount Grace Land Conservation Trust (who will handle the procedure) which will guaranty the farm will not be developed and entitle you all too a tax deduction. Then the working farm appraisal value will be used for purposes of a buyout of your interests by Ted. The Mount Grace people have told Ted that the working farm value should not fall below the $48,000 amount.
If this is OK or their are any questions or problems please let me know as soon as possible. The process (according to Attorney Singer) will take a few months. If this idea is OK with both of you the first thing I feel must be done is contact with the Mount Grace people to check them out. This can be done by either of you or me, then we can proceed.
Looking forward to hearing from you.
Neil J. Berman
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