ALLEN PARK, Mich. (AP) — The Detroit suburb of Allen Park has entered into an agreement to sell the site of a failed film studio project that has weighed on the city for $12 million.
WDIV-TV and MLive.com that Allen Park's state-appointed emergency manager Joyce Parker announced that the city entered into a purchase agreement with Time Equities Inc.
Now known as Southfield Lease Properties, the site was to be the centerpiece of a movie production center. Allen Park sold more than $25 million in bonds for the Unity Studios project, but plans for sound stages and production offices there fell through in 2010.
If the deal is finalized, Allen Park is expected to be able to refinance and retire its debt. It also won't need to pay for taxes, insurance and other site costs.