- 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.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide