Title
Resolution to Amend R-08-120 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 amend the previously approved Council 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”). Originally, this sale was requested so that McKinley could complete the Mckinley Towne Centre - Liberty Retail Site Plan that was approved by Council on January 7, 2008 in R-08-008. . McKinley has decided not to pursue the Mckinley Towne Centre - Liberty Retail Site Plan at this time, but is requesting that the City sell it a smaller amount of common area to complete the renovation of the existing buildings on the site, which includes the former National City Bank, at 505 E. Liberty and office space in the Ann Arbor Tally Hall Condominium.
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. Sale of the common area will allow McKinley to expand the rental office space in Tally Hall and to renovate the site of the former National City Bank, at 505 E. Liberty, which will be renovated, but will no longer 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
North Lobby - 122 square feet
Gap Space - First Floor - 286 square feet
Escalator/Open Floor - First Floor - 916 square feet
Escalator - Basement - 1,7...
Click here for full text