5040 FERNWOOD Street, Detroit, MI 48204

This land-based site, zoned R3, is a vacant lot sold as a package with the properties located at 5054, 5060, 5066, and 5074 Fernwood, Detroit, MI 48204. The combined area of the properties totals 47,720 square feet. The Detroit Land Bank Authority (DLBA) is seeking proposals to support the activation and stewardship of vacant land sites, including urban agriculture, gardening, or beautification, whether for profit or community activation. Interested buyers should consult the DLBA's proposal guidelines for land-based sites and the DLBA Guide to Plot Plan, Site Design, and Maintenance. The DLBA also recommends reviewing relevant Neighborhood Framework Plans from the City of Detroit's Planning and Development Department for additional context about the neighborhood. All offers must be supported by Proof of Funds (funds should meet or exceed development costs). Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. 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 will be determined upon reviewing the development proforma and effect of any tax abatement on the purchase and development financing.