By WILL KANGAS
November 13, 2011
The large chunk of property along Temple Street across from the Ingham County Fairgrounds went into foreclosure and would either be turned over to the county land bank or could be taken over by the city.
City Manager Martin Colburn said the city wants to make sure the property has a future that could benefit city residents.
"The potential uses include expansion of city public works facilities, parks and recreation facilities, library, hospital, assisted living facilities/senior care and other economic development activities that would grow jobs and the tax base for the benefit of the community of the whole," Colburn wrote in his report to the city council.
The property originally was part of a development agreement with Jewett Trust in 2004. It was planned for light industrial and mixed-use facilities.
"With the economic downturn, the properties weren't sold, and so nothing came from it," Colburn said.
In order to acquire it, Ingham County makes local governments financially liable for any property tax shortfalls. "So we have to repay an estimated $377,239.62 to the Ingham County Treasurer's Office," Colburn said. "But we budgeted for it."
Colburn said the city's street programs were postponed this fiscal year as allowed within the city charter in preparation for the land acqusition.
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