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District outlines 10-year development-linked sale proposal for Ann Arbor Trail site
Summary
Administration described a resumed sale concept with Infinity Homes for the Ann Arbor Trail property that ties some payments to future residential development over a 10-year window and includes protections if the buyer sells for non-residential uses.
Mr. Johnson briefed the board on a recent proposal for the Ann Arbor Trail property that the district previously removed from sale pending cleanup discussions. Administration is negotiating terms with Infinity Homes that would include a lower immediate sale price coupled with development-contingent payments over a 10-year period. Under the concept discussed, the district would receive $50,000 in the proposal if the site is not developed within the 10-year window; if Infinity resells the property to a third party for certain non-residential uses, an additional $225,000 payment to the district would be required under a draft exhibit.
Board members discussed the rationale for a long development window (time to address brownfield cleanup and enable viable housing development) and noted the draft agreement is now under review by the buyer's counsel; administration said it aims to finalize an agreement this summer. No formal action was taken at the committee meeting; staff will return a finalized agreement to the board for approval.
