Title
Resolution Directing the City Administrator and the City Attorney to Negotiate a Lease with Fifth Fourth, LLC for a Short-Term Parking Area to be Added to the Municipal Parking System
Staff
Councilmembers Anglin, Eaton, Lumm, and Kailasapathy
Body
Whereas, Resolution R-13-394 allocated the net proceeds from the sale of 350 S. Fifth Avenue (a/k/a the old Y lot) to the Affordable Housing Trust Fund;
Whereas, The new property owner, Fifth Fourth, LLC, has expressed an interest in partnering with the City of Ann Arbor for the establishment of a not to exceed 2 years short-term public parking lot on the vacant property with the right to terminate the lease early to commence construction activities;
Whereas, Fifth Fourth, LLC's ownership of the property is subject to the City's right of reversion if Fifth Fourth, LLC prior to April 2, 2018 fails to construct and obtain a final certificate of occupancy for a building consistent with covenants stated in the Warranty Deed transferring ownership of the property to Fifth Fourth, LLC;
Whereas, In offering the property for use as a short-term public parking lot, Fifth Fourth is requesting that the City assume all management and operational responsibilities for the lot and in turn Fifth Fourth, LLC is willing to donate one-half of all net revenues collected during the operation of the lot to the City's Affordable Housing Trust Fund;
Whereas, City Council supports public/private partnerships with the objective of meeting City Council priorities, one of which is funding affordable housing;
Whereas, The Ann Arbor Downtown Development Authority Development Plan and Tax Increment Financing Plan, approved by City Council on September 15, 2003, identifies as an objective of the Plans the encouragement and support of housing affordability;
Whereas, The City currently does not directly staff or operate any municipal parking facilities in the City;
Whereas, The City has contracted with the Ann Arb...
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