1588 ELM

DESCRIPTION

Vacant Lot - New Build Opportunity. Purchaser must submit a development plan that includes scope of development (number of units and total square footage), development cost estimates, proof of funds, and architectural drawings or precedent architecture images. Incomplete proposals will not be considered. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing. Contact agent for additional details.