Can the city crowdfund the purchase of an old bungalow to save the 350 year old Red Oak threatening the foundation?
If the city isn’t interested in paying the property value of around $750,000 plus the additional “opportunity cost” the tree is imposing on the structure of around $60,000 – $80,000, then the current homeowners will need to cut down the tree to attain the full value of the sale.
This heritage tree would require city council approval before it could be cut down, which would likely be rejected according to a city spokesperson. Apparently the city has previously attempted to purchase this property, but at the time the homeowners were not selling.
We look forward to seeing what the City of Toronto does with this tree. Can this case set a precedent for city purchases of residential property to conserve nature?
Read the full Toronto Star article here.