Bay City makes $50,000 off poor housing market

The poor housing market has at least one beneficiary: the City of Bay City. The city recently received a $50,000 payment when land along Trumbull Avenue, bordering Portsmouth Township, was not developed as previously agreed. In 2003, a development called Neighborhoods at Heritage was proposed for the site. It was to have smaller lots, narrow streets and corner stores. When that concept failed to take hold, the city agreed to sell the roughly 50 acres for more popular housing. When the property was sold in April 2007, the development agreement specified that 50 lots had to be developed within five years of closing or the city would be owed an additional $50,000. With the crash in the housing market, that payment has been made in lieu of any lot development.

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