Title
Resolution to Approve the Broadway Village at Lower Town Turnkey Parking Deck Construction and Donation Agreement, the Parking Deck Operating Agreement, and the Washtenaw County Brownfield Redevelopment Authority Reimbursement Agreement
Memorandum
Attached for your review and approval are the Turnkey Parking Deck Construction and Donation Agreement, the Parking Deck Operating Agreement, and the Washtenaw County Brownfied Redevelopment Authority (WCBRA) Reimbursement Agreement for Broadway Village at Lower Town. The Developer, Lowertown Development Group, LLC, has asked that these agreements be presented at the earliest possible City Council meeting in order to enable it to finalize necessary funding for the project, and to utilize $1,000,000 in Clean Michigan Initiative loans and grants for environmental clean-up and remediation which will expire if not used by the end of this calendar year.
The two parking deck agreements are contemplated by the Development Agreement and provide for the construction, donation to the City, and subsequent maintenance and operation of the approximately 700 space parking deck by the Developer for 30 years, subject to the Developer meeting certain contingencies. The WCBRA Reimbursement Agreement gives the City approval of the Developer’s proposed eligible expenses regarding environmental clean-up and remediation as presented to WCBRA for reimbursement from TIF revenue. Under the Reimbursement Agreement the Developer will be reimbursed only for expenses consistent with the more stringent City-approved criteria for environmental remediation as provided in the City’s amended Development Agreement.
Background
The Broadway Village at Lower Town project was originally approved by City Council, together with its PUD zoning on October 7, 2003. On the same date, City Council also concurred with the Brownfield Plan for the project, which was subsequently approved by Washtenaw County on December 3, 2003.
The site plan was administ...
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