Title
Resolution to Direct the City Administrator to Request Proposals for Brokerage Services for the Sale of 350 S. Fifth Avenue (Fifth & William Surface Parking Lot/Former Y-Lot)
Memorandum
The City entered into an Installment Purchase Agreement (IPA) with the Bank of Ann Arbor to finance the purchase of 350 S. Fifth Avenue (the former YMCA site) in 2003. The initial IPA was extended in 2008 for an additional 5 yr period expiring in December 2013 (Resolution R-08-485).
At the time the City purchased the S. Fifth Ave property it was anticipated that it would be developed to expand affordable housing options within the downtown. This has not occurred and is currently used as a surface parking lot.
The resolution attached authorized the City Administrator to pursue acquisitions of brokerage services for the sale of the property. The balloon payment on the City’s installment loan comes due in December 2013 and it proposed that all available options for sale of the property be pursued to provide the City options in connection with the payment of its financial obligation
Staff
Prepared by: Mary Joan Fales, Senior Assistant City Attorney
Sponsors: Mayor Hieftje and Councilmember Kunselman
Body
Whereas, The City is fee owner of the certain property located at 350 S. Fifth Avenue currently used as a surface parking lot and managed by the Downtown Development Authority (“DDA”) as the Fifth and William Parking Lot;
Whereas, Use of the property at 350 S. Fifth Avenue as a surface parking lot was intended as a short-term arrangement until redevelopment of the site, whether public or private, was evaluated;
Whereas, Under the terms of the Parking Agreement between the City and the DDA, dated July 1, 2011, lots may be deleted from the DDA Parking Area by written notice delivered by the City to the DDA unless objected to within thirty (30) days of the date of the notice;
Whereas, Section 1:319 of the Ann Arbor City Code allows for disposal of real property whe...
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