University of Michigan looks to purchase land near Kellogg Eye Center
The University of Michigan is looking to purchase more land near the Kellogg Eye Center just north of the school's medical campus.
The university plans to offer $75,000 for the .09 acre parcel, currently a small parking lot at 910 Maiden Lane. But before an offer is made, the purchase must first be approved by the U-M Board of Regents at their meeting at U-M's Flint campus on Thursday.
Parcel at 910 Maiden Lane
City of Ann Arbor
The land is assessed at $26,600 for the 2011 tax year, according to Ann Arbor assessment records. Under Michigan law, a property’s assessed value should be nearly equal to half of its market value.
The university and the property’s owner — Ranjit S. Bajwa, owner of Broadway Marathon in Ann Arbor— have planned a tentative closing date for Oct. 20.
In a memo to the board of regents, U-M Executive Vice President and Chief Financial Officer Timothy Slottow said the purchase provided U-M "an opportunity to acquire property strategically located in the Wall Street district contiguous with university property."
The board of regents will also vote on the schematic design for the Yost Ice Arena at Thursday's meeting.
Kellie Woodhouse covers higher education for AnnArbor.com. Reach her at kelliewoodhouse@annarbor.com or 734-623-4602 and follow her on twitter.
Comments
Somargie
Wed, Oct 12, 2011 : 12:26 a.m.
When is complaining about the loss of property tax to the City of AA a rant? I guess it wrong to support the financial security of a city instead of blind stupidity to the fact that UM is grabbing more of city property, paying zero property taxes, using the services w/o paying for them and thereby destroying the city (police/fire/schools/etc..). If this is considered a rant....than I hearby stand proudly to "rant" for the City of Ann Arbor to be fairly protected from the loss of property taxes. This land grab greed is selfish and destructive to the City of Ann Arbor. Therefore...deal with it! Next time you need a police or firefighter ....don't complain if they aren't there. They probably loss their job due to loss of money to pay for them or they maybe directing traffic at a UM sport event....
racerx
Tue, Oct 11, 2011 : 3:46 p.m.
I can hardly contain my laughter! So, while across the street from this property, there sits an empty field with a fence around it waiting for (last I heard) clean-up from the dry cleaners that was there. This was the old Broadway Kroger site. Wasn't the mayor and council gathered liked cattle praising this new, green, development that was going to transform this part of town some years ago? Where is the development? I only feel sorry for those who brought condo's that abut next to the KEC/Brehm, what a view. Still, more property taken off of the city's tax roll while the powers that be chase, praise, and seek projects that have no chance of ever coming to fruition.
blahblahblah
Tue, Oct 11, 2011 : 2:20 a.m.
Please move proposed Fuller Rd. parking structure to this location. Build UM parking on UM property, not city parkland!
Elaine F. Owsley
Tue, Oct 11, 2011 : 12:23 a.m.
It really doesn't deserve to be called "land". It's basically a city lot.
Joe_Citizen
Mon, Oct 10, 2011 : 11:24 p.m.
Whooped, Dee, dew, unbelievable, the UofM is buying more land, isn't that what they always do. This isn't news, because they do it all the time, and they haven't chosen to buy it yet. Will this news column report that I am thinking of buying a parcel of property, I think not.
15crown00
Mon, Oct 10, 2011 : 8:28 p.m.
Make them pay property tax.
1bigbud
Mon, Oct 10, 2011 : 7:42 p.m.
No rant here But that property was sold 17 months ago And who owns it now Not UofM Look who is on the take NOW in AA Bet you can't guess
Elaine F. Owsley
Mon, Oct 10, 2011 : 7:39 p.m.
Not sure this matters to anyone but the property owner and the University. Slow news day, guys?
Jatra
Mon, Oct 10, 2011 : 7:13 p.m.
Insert rant against UofM here...... In 3... 2... 1...