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Charter Township of Commerce Board of Trustees Quarterly Meeting Minutes 2026-04-28

Township Extends Library Parcel Option with Aikens

$2,200,000 original acquisition price; $200,000 in nonrefundable extension payments to dateTown of Commerce charterCOMMERCE DOWNTOWN II LLCApril 28, 2026

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Description

The Charter Township of Commerce Board approved the Tenth Amendment to the Option Agreement with Commerce Downtown II, LLC for the former library parcel at 5 & Main, extending the purchase option to April 30, 2027. The original acquisition price is $2.2 million with $200,000 in prior nonrefundable extension payments, supporting continued progress on the mixed-use development.

Contract Details

Contract Amount

$2,200,000 original acquisition price; $200,000 in nonrefundable extension payments to date

Vendor

COMMERCE DOWNTOWN II LLC

Agency

Town of Commerce charter, MI

Contract Type

OTHER

Document Date

April 28, 2026

Contract Term

Option Agreement deadline extended to April 30, 2027 (Tenth Amendment)

Renewal Date

2027-04-30

Renewal Info

This is the tenth amendment to the Option Agreement originally executed around 2014 for the former library parcel, extending the option/closing date to April 30, 2027. Previous extensions have included approximately $200,000 in nonrefundable extension payments applicable to the purchase price.

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