(This story has been updated to include new information that clarifies the settlement amount and the impact the amount will have on city and on FAA budgets.)
A large private landowner in Detroit whom city officials once called a speculator could net more than $400,000 from the city for a bundle of properties near the city’s municipal airport, including some bought for just $500.
Detroit’s legal department says it has reached a potential settlement with owner Michael Kelly in the city’s eminent domain lawsuit for 28 properties that Kelly possesses that are adjacent to the main runway at Coleman A. Young Municipal Airport on the east side…