Search
 

City Land Sale May Help Balance Budget

DETROIT-About 900 acres of city-owned former prison land in Northville and Plymouth townships, worth $31.5 million according to one recent appraisal, could help keep Motor City's head above water in 2001-02.

By Robert Carr | Updated on October 11, 2001

DETROIT-In the wake of the economic downturn, the city’s finances are spiraling out of control, says Mayor Dennis Archer. One of the ideas that might save the city’s budget is a possible sale of about 900 acres of city-owned land in Northville and Plymouth townships.

The city says the land is worth $31.5 million, or $35,000 an acre, on the basis of a recent appraisal. Archer says the city must cut $60 million from the 2001-02 budget. Archer told the city council the local economy was falling already before the Sept. 11 terrorist attacks, and now an upswing looks even more unlikely any time soon.

“Automotive companies have idled plants because of inspection delays at the Detroit/Windsor Bridge and tunnel crossing. Local hotels have lower occupancy rates because of reduced business and convention travel to the region. Retail stores are experiencing lower sales volume, and residential housing sales are slowing,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.