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Commission approves exclusive negotiating rights with Artspace for 39-unit live-work project
Summary
Mount Clemens authorized exclusive negotiating rights with Artspace to pursue feasibility and due diligence for a proposed four-story, 39-unit live-work artist housing development on the Roscot parking lot; the agreement is nonbinding and does not obligate the city to a transaction.
The City Commission approved an exclusive negotiating rights agreement with Artspace, a national nonprofit developer, to continue due diligence and planning for a proposed four-story, 39-unit live-work building on the Roscot parking lot.
Mr Shipman summarized the project history: an initial feasibility study and market survey carried out in 2019–2020, the identification of the Roscot parking lot as a potential site and an Artspace presentation to the commission on April 17, 2023. The exclusive negotiating agreement will allow Artspace to perform additional due diligence and pursue site control necessary for applications to the Michigan State Housing Development Authority for federal low-income housing tax credits and related financing.
Staff emphasized the agreement is nonbinding and does not commit the city to a final transaction; the commission approved the agreement on roll call and directed staff to continue negotiations and return with further details and any site-control agreement required for financing applications.
