LANSING - The City of Lansing and Lansing Community College have cut a deal on some land north of the college. According to a press release from Mayor Virg Bernero's office, LCC has agreed to pay $1.21 million for the parking lot known as Lot #2, located next to Oliver Towers building on North Capitol Avenue. The deal also gives LCC the right of first refusal on the purchase of Oliver Towers itself.
The deal has to be approved by LCC's Board of Trustees, which meets tonight, as well as the Lansing City Council.
The mayor says money from the sale is also expected to help close a projected shortfall in the city's current budget. The press statement says "The mayor noted that he generally isn't in favor of using the proceeds from the sale of capital assets for short-term financial needs, but it is preferable to taking additional money from the city's reserves or laying off city employees."