The city of Detroit wants to buy 142 acres at the old Michigan Fairgrounds site for redevelopment.
The Michigan Land Bank Fast Track Authority board on Wednesday approved selling the property to Detroit for $7 million.
In a separate deal, ex-NBA star Earvin "Magic" Johnson's Magic Plus LLC development company is buying about 16 acres from the land bank for just over $29,500 per acre.
Detroit's City Council must approve the city's purchase. The council already has approved Detroit's 2018-19 budget which calls for $4 million to cover up-front costs for the land. The remaining amount would be paid once the property is developed.
The state fair was held at the site from 1905 through 2009. Then-Gov. Jennifer Granholm approved cutting state funding after years of declining attendance.
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