EAST LANSING, Mich. – The City of East Lansing received late this afternoon the Center City District redevelopment project’s due diligence report from Development Strategies.
The City has two business days (until close of business Tuesday, July 11) to notify the developer whether or not the report is satisfactory to the City. If the results of the report are not satisfactory, then the City must also provide a notice of termination of the development agreement. The developer then shall have three business days to resolve any defects should any be identified. The City reserves the sole discretion as to whether the defects are satisfactorily resolved.
Development Strategies evaluated the project on the following five items:
•Verify developer's equity position
•Sources and Uses
•Two housing market studies
Community members can view a copy of the report here: https://www.cityofeastlansing.com/DocumentCenter/View/6449.