"Removing the minimum bid requirement allows the market to determine the property's value and, when coupled with the proposed changes by the township to their development plan, makes for a more attractive package," he explains.
The ITB includes the following terms and conditions:
* No minimum bid requirement.
* A bid due date of at 10 a.m. June 11.
* A 90-day due diligence period if winning bidder, with option to purchase an additional 30 days for $100,000.
* An earnest money deposit in the amount of $3 million is due with the bid submission, of which $200,000 is non-refundable if the winning bidder fails to close.
* The sate reserves the right to reject any and all bids.
The Invitation to Bid and other documents related to the sale are available online at www.michigan.gov/strategic-development.
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