Title
Resolution to Approve the Sale of City-Owned Property Located in the Ann Arbor Tally Hall Condominium to McKinley Inc. for the McKinley Towne Centre - Liberty Retail Development (8 Votes Required)
Memorandum
Attached for your review and approval is a resolution to authorize the sale of 5,913 square feet of common area in the Ann Arbor Tally Hall Condominium (“Condominium”) to McKinley Inc. through MTC 2, LLC, or another affiliated ownership entity (“McKinley”). The developer will use this common area as part of the McKinley Towne Centre - Liberty Retail Development ("Development"), which Council approved on January 7, 2008 in R-08-008, subject to completion of this sale.
The common area is owned and operated by the Ann Arbor Tally Hall Condominium Association, which consists of the City, through its ownership of the Liberty Square parking structure, and McKinley, through its ownership of the first floor and basement office space. McKinley’s approved site plan will add retail space, as well as second floor and basement office space to the building when construction of the project is complete. Part of the project will include construction on the site of the former National City Bank, at 505 E. Liberty, which will be added to the Condominium.
The square footage to be sold includes several small sections of common area that are not needed by the City to maintain the Liberty Square parking deck. The sections are detailed below, and shown on the attached diagrams:
Common Area Section Square Feet
North Lobby 122
South Lobby - First Floor 699
South Lobby - Second Floor 699
Gap Space - First Floor 473
Gap Space - Second Floor 473
Escalator/Open Floor - First Floor 1,729
Escalator - Basement 1,718
Total Common Area 5,913
The North Lobby (entrance from Washington Street) to the parking structure was reduced by 122 square feet and converted to office space by the previous owner of McKinley’s condominium unit. The South Lobby (entr...
Click here for full text