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Confirmed in Compliance with National Standards for U.S. Community Foundations |
Great Lakes Center Foundation Sells
Property to the Bay Area Family Y
Great Lakes Center Foundation (GLCF), a supporting organization of the Bay Area Community Foundation, acquired the property over a period of several years through the purchase of individual parcels. Jerome Yantz, President of Great Lakes Center Foundation, stated, “the sale of this property to the Bay Area Family Y supports our organization’s purpose of acquiring and developing real estate in Bay County that could be used for the betterment of the community. GLCF agreed to the discounted purchase price to offset the demolition of a structure on the property, the relocation of utilities, and legacy environmental issues.” GLCF was originally funded through a grant received in 1993 from the U.S. Department of Housing and Urban Development. The grant stipulated the funds were to be used for economic development and other municipal purposes.
The Bay Area Family Y reached an agreement to purchase a 3.5 acre parcel of property from the Great Lakes Center Foundation to construct the new Dow Bay Area Family Y. The property, located to the south of City of Bay City Hall in the 200 block of Washington, is bordered by Saginaw Street, Washington Avenue, 10th and 11th Streets. The property, appraised for $780,000, was purchased for $500,000. This purchase successfully completes the Family Y’s efforts to secure a strategic location in downtown Bay City.
“This property has been the primary focus for the construction of the new Dow Bay Area Family Y,” stated Konnie Licavoli, President of the Y Board of Directors. “The Family Y has taken the time to complete its due diligence evaluating all site preparation requirements before finalizing the purchase of this property. We are pleased to begin the next steps of fund raising, facility design, and construction to make this project a reality.”
GLCF’s most notable projects include the historic restoration of the Pere Marquette Train Depot and acquisition of the property currently occupied by the parking structure for the DoubleTree Hotel.
