Grand Traverse County Land Bank Authority Meeting Agenda April 2026
City to convey 8th Street parcels for $1
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Description
Grand Traverse County Land Bank Authority is considering approval of a $1.00 Purchase and Sale Agreement with the City of Traverse City to acquire two East 8th Street parcels for an affordable housing redevelopment tied to the CityView/Copy Central project. The agreement includes a 120‑day due diligence period and a long-term affordable housing covenant with potential reversion.
Contract Details
Contract Amount
$1.00
Vendor
CITY OF TRAVERSE CITY
Agency
Northwest Regional Airport Authority, AR
Contract Type
FACILITIES
Document Date
April 24, 2026
Contract Term
Due diligence period of 120 days from Effective Date; affordable housing covenant for at least 30 years after certificate of occupancy or term of financing, whichever is longer
Renewal Info
Agreement includes a reversionary covenant requiring use as affordable housing for at least 30 years after certificate of occupancy or for the term of financing, whichever is longer; covenant terminates automatically after that period if conditions are met.
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