AC Acquisitions, the new owner of the Maxfield Training Center property in downtown Farmington, has asked for a reduction in the purchase price after making some big changes to its development proposal.
After significant opposition from neighbors, the company has abandoned plans for more than 150 luxury rentals in favor of 60 multi-story, owner-occupied condominiums. In a memo to Farmington Public Schools trustees, Director of Facilities Management Jon Riebe said the request for a lower purchase price is tied to the reduction in density and return on investment.
“…they are requesting that the District to reduce the price down to $1.0 million from the original $1.2 million. Their original request was a $900,000 offer, but the District was able to negotiate the price to $1.0 million which includes demolition.”
Great Northern Consulting Group, the District’s property consultant, called the reduction “reasonable,” Riebe added.
UPDATED: The original purchase was contingent upon the developer getting city approvals. Farmington Economic and Community Development Director Kevin Christiansen said Monday that a significantly revised plan will mean another Planning Commission public hearing, where residents will have the opportunity to comment.
Officials will discuss the action during their Tuesday, Mar. 13 meeting, which begins at 6:30 p.m. in the Board Room at the Lewis Schulman Administrative Center, 32500 Shiawassee in Farmington. Also on the docket:
- An update from the Sex Education Advisory Board, including approval of new members
- Information about a public hearing for the annual budget
- Approval of a new elementary math curriculum, Everyday Mathematics 4, including an allocation of $727,970.15 from the General Fund for materials
- Award of a $526,104 bid package for construction work at Beechview and Kenbrook Elementary Schools
To view the full agenda and supporting materials, visit farmington.k12.mi.us.