Developers granted more time on bonds for police building

Developers of a new Michigan State Police headquarters in downtown Lansing have a little more breathing room to issue bonds.

 

Joel Ferguson and Gary Granger, the developers, are now working out a deal to sell the building to the state, but if a glitch arises, the state Strategic Fund Board agreed to give the developers until February 2011 to issue up $53 million in bonds for the project, if needed, Gongwer News reported.

 

Developers say the building is complete and they now are negotiating a deal in which the state would first lease it and then buy it by January 2011. A state police budget authorizing negotiations is now awaiting approval by Gov. Jennifer Granholm.