University of Michigan seeks to purchase building near Law Quad
The University of Michigan is seeking to purchase a .14-acre parcel on Oakland Avenue in Ann Arbor near the Law Quad on central campus.
The negotiated price, according to documents: $730,000, more than triple the parcel’s assessed value.
The property — which sits adjacent to South Hall, Weill Hall and the U-M Law School admissions office — is a 2,018-square-foot rental home owned by Oakland Tec LLC. The company is registered to Eric Aupperle of Ann Arbor.
The building is assessed at $213,500 for the 2011 tax year, according to Ann Arbor assessment records. Under Michigan law, a property’s assessed value should be nearly equal to half of its market value.
The purchase will be put to a vote before the U-M Board of Regents on Thursday.
From the City of Ann Arbor
In a request memo addressed to the regents, U-M Executive Vice President and Chief Financial Officer Timothy P. Slottow said that acquiring the property “will further the university's options for development in the area.”
Kellie Woodhouse covers higher education for AnnArbor.com. Reach her at email@example.com or 734-623-4602.