Saturday, November 14, 2009

City Finalizes Largest County Real Estate Transaction

Posted By, Meredith Anderson

By Angie Favot
ALLEN PARK –– The city has finalized what closing attorneys say is the largest real estate transaction in Wayne County this year.On Thursday afternoon, the city took control of a 104-acre property off Southfield Road just south of I-94 that is home to Unity Studios and the Lifton Institute for Media Skills.“It’s kind of like an elephant off your back,” Mayor Gary Burtka said. “This is 16 months of work that finally comes to fruition.”To pay for the property, the city sold $25.3 million in long-term general obligation bonds and $3 million in Wayne County-issued recovery zone bonds on Oct. 27. The bonds received an “A” credit rating and sold in less than one minute.PNC Financial Services Group Inc. purchased the bonds. PNC is a financial services organization that covers retail, business and corporate markets. The PNC Equipment Finance unit was merged with National City Commercial Capital Co. this month.

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