1522 GRAY Street Detroit, MI 48215

This property is offered as a bundle, including four vacant lots located at 1528, 1514, and 1508 Gray, and 12905 Brooks, Detroit, MI. The combined area of the properties is 20,128 square feet. The properties are not available for individual purchase and must be acquired together. The property at 1522 GRAY Street, Detroit, MI 48215 needs full rehabilitation. Prospective buyers are required to submit a purchase proposal that includes detailed rehabilitation plans, a financing plan with proof of funds or a pre-approval letter, or a new construction loan. Plans for the vacant lots, including sketches and financing details, must also be included. Note that the Detroit Land Bank Authority is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may not be compatible with other tax abatements available to the purchaser. The DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment amount will be determined after reviewing the development proforma and the effect of any tax abatement on the purchase and development financing. See attached documents for guidelines and submission instructions.