02/08/2013 09:12 am ET Updated Apr 10, 2013

Magic Johnson's Michigan State Fairgrounds Development Proposal Accepted

DETROIT, MI - The Michigan Land Bank Fast Track Authority on Thursday unanimously voted to accept a bid for the Michigan State Fairgrounds from Magic Plus, LLC, a group of investors that includes former NBA star Earvin "Magic" Johnson.

The Land Bank last year sought proposals for the historic Detroit property bordering Ferndale and Oakland County. The last state fair was held there in 2009 and the property currently costs taxpayers about $1 million to maintain.

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