The R.E. Olds Transportation Museum has completed the purchase of its building and property from the city of Lansing for $2.
Last October, former Mayor Virg Bernero announced the sale. That announcement explained that the deal reflected the city’s relationship with the museum since 1979. Operators had rented the property for $1 a year ever since, and had paid for all maintenance and repair costs since 2005.
The building had been appraised at $140,000, and needed roof repairs at an estimated cost of $167,000.
The sale was approved by the Lansing planning board and the city council. Today, closing documents were signed by the museum’s Executive Director, Bill Adcock, completing the purchase.