Tecumseh, MI – A purchase and development agreement for the Hayden-Ford Mill Building in Tecumseh was approved unanimously by the Tecumseh City Council. HFD LLC was selected as the company to move forward and develop the building at the sale price of $100,000.
While the proposed purchase price is below market value, the developer has agreed to enter into a Purchase and Development Agreement that requires significant investment in the property, which is currently estimated at over $1.1 million dollars.
Phase 1 of the development will also focus on the creation of a banquet space, restaurant, and retail with 2 or 3 tenants. Phase 2 will explore the rearrangement of the parking lot in order to provide green space between the building and Globe Mill Pond for outdoor venue options.
The terms of the Purchase Agreement are set at $100,000 with the deed to be held in escrow until such time as the Developer obtains a certificate of occupancy or until the Developer can demonstrate that it has invested a minimum sum of $200,000 into the property.
Tune into our local and state newscasts, anytime day or night, for this story and more.
Sign up for WLEN’s weekday newsletter: 
Follow WLEN on social media: 
#wlenradio #wlennews #lenaweenews