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SBA 504 loan: The Small Business Administration (SBA) partners with financial institutions to provide financing for business owners who purchase land for business use in the form of an SBA 504 ...
1990: A group called "Ypsilanti 2000" forms to discuss ways to improve the city and improve its image. [39] One idea is to redevelop the Water Street site and tear down the vacant buildings. [39] 1992: The city hires consulting firm Hyett-Palma to investigate the benefits of assembling the land and pursuing its redevelopment. [40]
Vacant possession refers to the typical condition in which a seller must hand over a property to a buyer upon completion, or a tenant must return the property to a landlord at the end of a lease. In simple terms, it means that the rightful person, such as a buyer or a landlord, can peacefully and fully utilize the property.
Another possible snag is the matter of what happens to the land at the end of an agreement. If the land is to revert to the township, but if the city had invested significantly towards the development of the infrastructure on the land, the city would lose any interest in its investment.
The development firm behind a proposed 41 home development has received an extension from the Gaylord City Council on a purchase agreement for a vacant 18-acre parcel of land.
Still, Evelyn S. Booker, who inherited the land from their mother, Esther Smith Morse, says she and her seven siblings receive letters and texts weekly from developers with offers to buy.
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