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<br />I <br />I <br />I Sale No. GU <br />I Location <br />Legal <br />I Grantor <br />Grantee <br />I' Sale Date <br />Price <br />I Verified by <br />Book/Page <br />I Site Size <br /> Remarks <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Same as Sale No. Gl <br />Same as Sale No. Gl <br /> <br />C. G. Cooley <br />Winslow Construction Company <br /> <br />June 16. 1969 <br />$105.000 cash <br /> <br />James Cooley and Floyd Winslow <br />Not recorded to date <br /> <br />Same as Sale No. Gl <br /> <br />This sale was made subject to the <br />gravel lease recited in Sale No. Gl. <br />However. the improvements were not <br />included in the sale. and seller has <br />the right to remove them. <br /> <br />One of the important points of the <br />sale is that in the interim between <br />Sale Gl and this sale. the property <br />had been thoroughly drilled for the <br />,presence of gravel. using 33 holes <br />to an average depth of about 36 or 37 <br />feet. From this testing. it was <br />estimated that there were 850.000 <br />tons of salable sand and gravel <br />which could be sold from the premises. <br />At $0.12 royalty per ton. however, the <br />purchaser would be unable to recover <br />his complete purchase price in the <br />estimated five years it might take to <br />remove the gravel. which would be mined <br />in conjunction with adjoining property <br />leased by Cooley, so it ~ evident <br />that a portion of the purchase price <br />was paid for the commercial or indus- <br />trial potential of the land after <br />gravel excavation. <br /> <br />-21G- <br />