Title
Resolution to Approve Amendment No. 1 to the Parking Agreement between Village Green Residential Properties, LLC, the City of Ann Arbor and the Ann Arbor Downtown Development Authority
Memorandum
On September 21, 2007, Council approved a Parking Agreement between the City, DDA and Village Green Residential Properties, LLC. Subsequent to this approval a number of supplemental issues arose that the DDA and Village Green desired to resolve with an amendment to the original agreement.
The first issue involved clarification of Village Green’s commitment to build a deck that would have at least a 75 year life. In a March 25, 2008 email to the DDA, Village Green provided approval of all durability elements such as concrete mix specs and a traffic bearing membrane requested in a memorandum by the DDA’s engineers at Carl Walker Inc.
Subsequent to the approval of the Parking Agreement last year, Village Green completed its site plan and in this plan the number and location of parking spaces in the parking structure were determined. This is important because the DDA and Village Green had come to agreement on the amount to be paid for each parking space depending on its location in the structure. Thus the amount to be paid by the DDA has been determined to be $9,035,000 for 241 parking spaces. The amendment clarifies this information.
Additionally, the existing Parking Agreement indicates 73 monthly permits will be provided on-site to be used by Village Green tenants plus an additional 73 “flex”/overnight permits at a nearby location for its’ tenants. The use of “flex” permits allows the DDA to take advantage of the parking needs during the business day. The attached amendment approved by the DDA and Village Green moves the 73 “flex” spaces to the new First and Washington parking structure. Should the tenants of Village Green need all of the permanent and “flex”/overnight spaces, there would still be 95 additional spaces available for public parking in th...
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