The City of Saline has reached a deal to sell “Lot 20 A” to GBA Development LLC, a company which plans to develop restaurants, retail and office on the East Michigan Avenue parcel.
GBA Development will pay $817,500, or $125,000 an acre for the 6.5-acre property.
Mayor Brian Marl handed copies of the agreement to city council at the Dec. 17 meeting.
Marl thanked the parties involved in the agreement and called it the city’s “best purchase agreement yet.”
“It’s not perfect. There is a lot of compromise in this document. There’s a buy-back. There are financial penalties for not achieving certain benchmarks. Overall, this is a template we should consider in the future when we consider selling additional city parcels,” Marl said.
City council will vote on the purchase agreement Jan. 7.
Mayor Marl, Mayor Pro-tem Linda TerHaar and Councilor Dean Girbach worked on the purchase agreement.
There was no new information yet on possible tenants. Marl said there would be retail along Michigan Avenue and offices in the back.
The property is the last city-owned property with Michigan Avenue frontage listed with Swisher Commercial. For more information about city land for sale, visit http://salineland.com.