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WMU Board wants to keep its option on downtown property

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KALAMAZOO (WKZO)  -- The WMU Board of Trustees has until the end of September to develop four square blocks of downtown Kalamazoo, the old Cole-Gilmore property or Downtown Tomorrow Inc. will have the option to buy it for a dollar.

 But it would also require that  D.T.I.  be willing to assume a 1.5-million dollar mortgage.

There have been various proposals to build on the site just west of the downtown, including a downtown sports and concert venue,  but funding has never materialized.  

WMU apparently offered to buy nearby land owned by D.T.I. but they could not come to terms.

The WMU Board has authorized staff to negotiate a one year extension of the current development agreement with D.T.I.

The WMU News release states that University administrators have no immediate plans for the property, but would like to keep it available “to meet future needs”.

 

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