The city will receive $1.7 million cash at the closing, within 60 days, McCrary says.
The arena requires $4.5 million in renovations, McCrary claims.
."I am responding to the advice of several Flint councilpersons to seek this new offer amount approval from my shareholders and business associates," he says. His firm has placed $25,000 in escrow for a deposit with the new purchase agreement.
The city council will vote soon on the purchase agreement.
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