KALAMAZOO, Mich. (WOOD) — Thursday night, Kalamazoo County Board Chair John Taylor signed a contract to sell two pieces of land valued at $4.27 million dollars to developers.

The move paves the way for a new privately-funded arena and events center in downtown Kalamazoo.

“As far as dollar value, it is certainly the biggest development in the history of Kalamazoo,” Taylor said. “This is a $300-million-dollar investment into our city, it’s $54 million of economic input every single year.”

The matter deals with land acquisition, specifically two blocks of county-owned property between Kalamazoo Avenue, North Westnedge Avenue, Eleanor Street and Park Street. The surface lot, former Whitley funeral home, and construction staging area sitting there are where part of the future arena and event center is planned to be.

On Tuesday, progress on the arena hit a bump after commissioners had questions about wording within the contract.

“We were presented a contract on Tuesday with multiple legal issues involved in it. Some of our commissioners were ready to move forward and sign that contract, I made sure that we elevated those concerns and addressed them,” said Jen Strebs, Kalamazoo County District 2 Commissioner.

Details in the contract had worried some commissioners.

“After I had an opportunity to review it, there’s some language in the contract that needed additional clarification and that caused concern,” said Jen Strebs, who represents District 2.

One of the biggest concerns was language on community benefits and equity.

In the updated contract, 20% of food and beverage concession space will be set aside for business owners from historically or economically disadvantaged communities within Kalamazoo County. An emphasis will be placed on neighborhoods identified in the Northside Neighborhood Plan.

“When we can take action to expand that across the county, make sure people who have been historically excluded get a seat at the table, we’ve got a lot to be excited about,” Strebs said.

During a special meeting on Thursday, some community members said that they still have worries about the arena’s impact.

“What I see happening is you’re going to see a huge rent increase in these surrounding areas, that’s going to push people like me,” said Savannah, a Kalamazoo resident.

Commissioner Taylor said the county will have to look at ways to help those impacted by potential rising property values.

“To make sure those people have rental subsidies, especially that they can stay in their own homes, that’s the job of our housing commission, our public housing commission, and housing director, and I think they’ll work aggressively.”

Commissioner Strebs is reminding the community there are still many steps left in this process, which will occur through the City of Kalamazoo.

“The building permits, the site plan, environmental reviews, ecetera, those issues will occur and will require and engaged public,” Strebs said.

If construction on the arena and events center does not begin within the five years, the county will have the option to purchase the land back for the same price that it was sold for.

Taylor said the project is now in the hands of Catalyst.