Chelsea Investment Group LLC v. City of Chelsea

In this contract action, defendants, city of Chelsea and Michael Steklae, appeal and plaintiff, Chelsea Investment Group L.L.C., cross-appeals the trial court’s order entering judgment in defendants’ favor after a bench trial. We affirm in part and vacate in part.

I. FACTS AND PROCEDURAL HISTORY

In 2000, plaintiff acquired 157 acres of undeveloped real property in Chelsea, Michigan, by land contract. Plaintiff paid $500,000 of the $5 million purchase price at closing, leaving $4,500,000 to be paid in equal semiannual installments over the next five years.1 Plaintiff also agreed to pay the…