Stop The Clock! Kraner Has Complied
The Granville Press "Kraner Clock" has been stopped! On August 11, Developer William Kraner transferred his property to Ike's Pond Inc., which appears to be a Schottenstein law firm shell company. He placed restrictions on the property as called for in his agreement with Granville Schools. Then, on that same day, he had the property, now with the restrictions, transferred back to him. He and his wife signed the original deed restrictions June 30.
Kraner also transferred the agreed upon 41 acres to the Newark school district.
The deed restrctions appear to apply to 405 acres. Another 191 acres are unrestricted.
Kraner has an additional 99 acres in Granville Township that are being developed subject to a conservation bonus. This 99-acre property is currently being advertised as "Olde Orchard Farms" by a local realtor.
Kraner signed the contract with the Granville school board on February 23, 2008 promising to record deed restrictions placing limits on the development of part of his 600+ acres in the school district.
Later, in a July 1 letter to school board member Amy Deeds, he offered to rescind the contract. The school board did not accept his offer.
Kraner was supposed to attach these restrictions to the property deeds and other relevant documents by April 23. Kraner finally recorded them on August 11. The contract states:
"The Developer shall include all of the restrictions set forth above in any applications, drawings, or any other documents associated and/or necessary for the approval of the development of the Property by any governmental body. In addition, the Developer shall incorporate the restrictions contained in this Agreement in a recorded deed for all of the property within sixty (60) days after the execution of this Agreement, acceptable in form and content to the District, as well as in the deed restrictions acceptable to the District for each individual lot or parcel as they are developed."
The agreement limits Kraner to building no more than 425 units on about 400 acres of his property. The units include 275 homes valued at $450,000 or more and 150 condos with no price specified. The rest of his property had no development restrictions.
Click here to view the deed transferring the property from Ikes Pond Inc. back to Kraner.
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Clarification,please someone.
Why was the property transferred back and forth during the course of the transaction? What are the benefits of doing that, and to whom?
Does this guy(Mr.K) ever do anything with out some kind of glitch or tug on the carpet under the feet of those he's dealing with at the time?
kraner development restrictions
Nothing nefarious here, ct.
When placing deed restrictions on a property, it's common to have them put in place by a separate entity, rather than the property owner. This limits the ability of the property owner to remove or alter the deed restrictions at a later date. Ike's Pond Inc. isn't the Licking Land Trust, but the result should be the same.
Thanks....
for the info. I'm glad to see things are proceeding with out any hassles.