Title
Resolution to Authorize the Sale of Development Rights above the City's Underground Parking Structure Located at 319 S. Fifth Ave. to Core Spaces and Appropriate Funds for Outside Legal Services (8 Votes Required)
Memorandum
On January 19, 2016, City Council passed a resolution (R-16-021) directing City staff to negotiate a Sales Agreement for 319 S. Fifth Ave (also known as the "Library Lot") with Core Spaces. Council directed the terms of the sale to include the terms in the Core Spaces' response to the City's Offering Memorandum and requested that the following additional community benefits be included in a negotiated sale agreement, if such terms could be reached with Core:
* The inclusion of 10% of all housing units as workforce housing (affordable housing for lower income households, as defined by Ann Arbor City Code, rented at 60% to 80% of AMI), with possible funding to offset lower rental revenue to be provided by the Ann Arbor Downtown Development Authority and the City of Ann Arbor;
* A higher level of LEED certification than the proposed LEED silver designation (with preference of LEED platinum), or proof of the inclusion of additional resource and energy efficient construction and building performance standards equivalent to such higher level of LEED certification;
* Building and site design that provides improved pedestrian connectivity from Fifth Avenue to Liberty Plaza Park, as well as from Blake Transit Center to the site.
Council discussion at the time Resolution R-16-021 was adopted also reflected interest in the following:
* Sufficiency of parking for the facility (estimated to at the time be approx. 200 spaces)
* The building design should adhere to the City of Ann Arbor Downtown Design Guidelines
* The Public Plaza should be operated and maintained by Core Spaces but with public use of the site consistent with a City park.
The City has completed negotiations and in response, Core Spaces has provided a written supplement to the...
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