ALLEN PARK, Michigan — The Detroit suburb of Allen Park has finalized the $12 million sale of a failed film studio site that's been a financial drain on the city.
Allen Park's state-appointed emergency manager Joyce Parker announced the sale of the 104-acre Southfield Lease Properties to Time Equities this week. She says it's a step toward restoring the city's finances and calls for payments over 7 ½ years.
The city will no longer need to pay for taxes, insurance and other site costs that totaled about $1.2 million in the last budget year.
Formerly known as Unity Studios, the site was to be the centerpiece of a movie production center. Allen Park sold more than $25 million in bonds for the project, but the plans fell through in 2010.