Ann Arbor City Council Wants More Information As Considering Purchase of Edwards Brothers Property
Ann Arbor City Council wants some more information as they consider using their right of first refusal to purchase the Edward Brothers property on South State Street.
Council Monday night voted unanimously to have the city administrator and city attorney study the issue and identify options to make buying the property financially feasible.
In November Edwards Brothers announced they had reached an agreement with the University of Michigan to sell the property for nearly $13 million but the city has the right to match that price thanks to a condition of a tax abatement.
Mayor John Hieftje explains that the value to the city for the property could make it logical to buy, despite the steep sale price. Hieftje says U of M continues to take properties off the tax rolls hurting the city, and other taxing jurisdictions.
The city has until late February to exercise their right to first refusal.
— Andrew Cluley is the Ann Arbor beat reporter, and anchor for 89.1 WEMU News. Contact him at 734.487.3363 or email him firstname.lastname@example.org.