958 KITCHENER Street Detroit, MI 48215

This property is offered as a bundle of 8 lots, including addresses 948, 952, 966, 970, 978, 984, and 994 Kitchener Street, totaling 25,490 square feet. The properties are not available for individual purchase and are zoned PD. The asking price is $50,000 for all 8 lots. Prospective buyers are required to submit a purchase proposal that includes construction plans or precedent architectural images of the proposed development, along with a financing plan that provides proof of funds, a pre-approval letter, or a new construction loan. Projects are subject to design review approval from the city of Detroit. The Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the 5 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. Additional guidelines and submission instructions from the DLBA are available in the attached documents.