text: Aubrey McClendon agrees to drop price of Saugatuck Township duneland by $1 million, but conservation backers still $1.1 million short | MLive.com
  Aubrey McClendon agrees to drop price of Saugatuck Township duneland by $1 million, but conservation backers still $1.1 million short
  on December 04, 2009 at 6:52 AM
  Aubrey McClendonSAUGATUCK TOWNSHIP -- The owner of 171 acres of Lake Michigan duneland dropped his asking price by $1 million Thursday, leaving a $1.1 million gap for those looking to buy the land for public preservation.
  Aubrey McClendon, the CEO of Oklahoma-based Chesapeake Energy Co, made a verbal offer to reduce the purchase cost to $19 million. That was an encouraging sign for the Grand Rapids-based Land Conservancy of West Michigan, the would-be buyer.
  The Land Conservancy and others working on the Saugatuck Harbor Natural Area acquisition started scrambling for more financing Wednesday after getting a $10.5 million grant from Michigan Natural Resources Trust Fund.
  The grant was $2.1 million shy of the request to the state, causing a glitch in an October purchase agreement with McClendon.
  "I am thrilled we could be $1 million closer within a day," said Peter Homeyer, executive director of the Land Conservancy.
  A representative for McClendon, attorney Stephen Neumer, confirmed the development.
  The Land Conservancy is looking to buy the property known as the South Denison property, which is south of the mouth of the Kalamazoo River. The Land Conservancy plans to lease the property to Saugatuck, selling it in thirds to the city over a three-year period.
  The undeveloped property is considered one of larger undisturbed dune ecosystems along the Lake Michigan shoreline and offers a large expanse of beach frontage.
  James W. Brooks and his Holland family, The Frey Foundation, Fred and Lena Meijer and J.A. Woollam Foundation have contributed $6 million to the project.
  Plans are to raise another $4.5 million after the deal closes to cover ongoing maintenance, interest on bridge loans and creating public access to the property.
  The Land Conservancy wants to close on the property by year's end, in part to avoid an estimated $375,000 to $400,000 in property taxes that would accrue if the land does not become tax-exempt.
  Under state law, tax-exempt status for a non-profit's property cannot go into effect until the year after it is purchased.
  Meanwhile, Homeyer described the remaining $1.1 million gap as "still significant."
  "But if we can keep it going at this pace, we'll have it solved soon," he said.
  McClendon purchased the 412-acre Denison property from the Saugatuck family in 2006 for $39.5 million.
  Singapore Dunes LLC, which McClendon owns, is seeking zoning changes from Saugatuck Township to allow more homes per acre, multifamily homes, lodging, a marina and commercial buildings on 318 acres of undeveloped land on the river zoned residential. McClendon owns other land beside the Denison property in the locale.