- Associated Press - Monday, December 1, 2014

LANSING, Mich. (AP) - A state board has approved the Detroit school district’s plan to sell a warehouse for $500,000 to a developer that wants to lease the space to a tenant.

The proposed sale to Lynch Road Properties was approved 3-0 Monday by the Local Emergency Financial Assistance Loan Board in Lansing.

Detroit Public Schools Emergency Manager Jack Martin has proposed selling the land to Apple Ventures under a land contract after Lynch withdrew a $725,000 offer. He says he now supports the school board’s desire that the land be sold to Lynch because having $500,000 in cash upfront is more helpful.

The district’s deficit was $127 million as of June 30. The eight-acre property on Mount Elliott Road was appraised at $790,000 in May.

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