The state of Michigan is allowing a utility company to give away a shuttered coal power plant at a cost of $1 million.

The Muskegon Chronicle reports the Michigan Public Service Commission last week approved Consumers Energy's request to divest the B.C. Cobb plant in Muskegon.

Consumers will pay North Carolina-based Forsite Development $1 million to take ownership of the property, which includes 115 acres of land and a 650-foot-tall smoke stack.

►Related: Consumers Energy selects company to demolish B.C. Cobb plant

The plant is expected to be demolished within two years of the finalized transaction.

Forsite's redevelopment plans include converting the site into a deep-water marine terminal on Muskegon Lake for cross-Lake Michigan shipping.

B.C. Cobb was decommissioned in April 2016 after nearly 70 years because of tightening emissions standards from the Environmental Protection Agency.

Make it easy to keep up to date with more stories like this. Download the WZZM 13 app now.

Have a news tip? Email, visit our Facebook page or Twitter.