Garforth gets one more month

Philip Garforth, whose deal to buy the I-500 site for $2.25 million expired yesterday, has been granted another month to close the deal.

The Michigan Soo City Commission tonight voted to also grant a handwritten request from Garforth to reduce the amount of land he was required to buy, and therefore the total purchase price.

Garforth advised City officials last week that he was unwilling to keep his commitment to buy at least 45 acres of the I-500 property because some of it is wooded wetland with little potential for development.

Under the new deal approved tonight, Garforth will buy just 39.7 acres, for a total price of $1,985,000.

He must come up with the money and deposit it in an escrow account by July 14 for the deal to close on July 18.

In exchange for more time to complete the deal, Garforth has generously agreed to do no work on the site that would prevent the 2009 I-500 from being held there.

Mayor Anthony G. Bosbous conceded that Garforth might be a dreamer, but so was Walt Disney.