"Removing the minimum bid requirement allows the market to determine the property's value and, when coupled with the proposed changes by the township to their development plan, makes for a more attractive package," he explains.
The ITB includes the following terms and conditions:
* No minimum bid requirement.
* A bid due date of at 10 a.m. June 11.
* A 90-day due diligence period if winning bidder, with option to purchase an additional 30 days for $100,000.
* An earnest money deposit in the amount of $3 million is due with the bid submission, of which $200,000 is non-refundable if the winning bidder fails to close.
* The sate reserves the right to reject any and all bids.
The Invitation to Bid and other documents related to the sale are available online at www.michigan.gov/strategic-development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
