Title
Resolution Authorizing Publication of Notice of Intent to Issue General Obligation Parking Facility Capital Improvement Bonds (South Fifth Avenue Parking Deck Project) (Not To Exceed $55,000,000.00)
Memorandum
Recommended to Council is the publication of a notice of intent to issue general obligation capital improvement bonds in the maximum principal amount of $55,000,000 (with a currently anticipated bond issue size of $48,050,000), for the purpose of financing the construction of a 777 space, four story underground parking structure. The project includes a new street running west to east on the north side of the Ann Arbor Public Library, utility improvements under Fifth Avenue and Division Street, and a new downtown alley. The footprint of the project will be from the west side of Fifth Avenue to the west side of Division Street and under Fifth Ave from the northern edge of the current parking lot to William Street. The parking structure will be built in a manner to allow future construction of an up to 25-story building on the site.
The cost of construction is being funded 15% by Downtown Development Authority reserves and 85% by bond proceeds. Debt service on the bonds is expected to be paid from revenues of the City’s public parking system and tax increment revenues collected by the Downtown Development Authority. The bonds are to be secured as a limited tax general obligation of the City.
The City’s bond counsel, Dykema Gossett, prepared the notice with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Roger Fraser, City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
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R-09-063
RESOLUTION AUTHORIZING PUBLICATION
OF NOTICE OF INTENT TO ISSUE GENERAL OBLIGATION
CAPITAL IMPROVEMENT BONDS
(south fifth avenue PARKING DECK project)
Minutes of a regular meeting of th...
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