The city of Ann Arbor is taking its cue from the city of Detroit for once. The Ann Arbor City Council approved the sale of the Michigan Theater to the Michigan Theater Foundation on Monday night.
The City Council hopes their actions will improve the financial flexibility for the foundation, which has invested $7.5 million into restoring the theater. The city of Detroit made similar deals with the Detroit Zoo and Eastern Market last year. Both arrangements relieved the city of financial burden and allowed the non-profit foundations that took them over more financial control to make improvements.
Ann Arbor acquired the Michigan Theater (on Liberty Street near State Street and across the street from the downtown Borders Book store) in 1982 to preserve the it as a film and performance venue. The Michigan Theater Foundation has worked with the city since then to maintain the theater's status as a historic landmark.
The foundation must maintain the historic status of the building and its current height as part of the sale agreement or ownership will revert back to the city. City officials estimate the theater is worth less than $20,000 with these restrictions in place. The foundation will reimburse the city a $7,500 real-estate consultation fee as the price for the theater.
Source: City of Ann Arbor
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