Title
Resolution to Waive the Right of First Refusal for Unit 1 of Ann Arbor Tally Hall Condominium
Memorandum
McKinley has informed the City of a pending sale of its condominium unit in the Ann Arbor Tally Hall Condominium. The Ann Arbor Tally Hall Condominium is a two-unit condominium at 505 E. Liberty, consisting of office and retail space of approximately 58,715 square feet owned or controlled by McKinley, or a related entity ("Unit 1"), and the Liberty Square Parking Structure owned by the City ("Unit 2"). Unit 1 includes the retail space along Liberty that is currently occupied by Tomukun Noodle Bar, Tomukun Korean Barbeque, and FedEx Office. McKinley is selling Unit 1 of the Condominium together with the neighboring McKinley Towne Center at 401 E. Liberty.
The Bylaws of the Ann Arbor Tally Hall Condominium Association provide the City with a right of first refusal to purchase Unit 1 with identical terms as the pending sale. The sale price for Unit 1 and McKinley Towne Center is $50,000,000, with both properties being sold as-is.
McKinley has requested that City Council waive the City's right of first refusal so that they can immediately close their pending transaction with a potential purchaser.
Staff
Prepared by: Kevin McDonald, Senior Assistant City Attorney
Reviewed by: Stephen K. Postema, City Attorney
Approved by: Howard S. Lazarus, City Administrator
Body
Whereas, Ann Arbor Tally Hall Condominium is a two-unit condominium at 505 E. Liberty, consisting of office and retail space of approximately 58,715 square feet owned or controlled by McKinley, or a related entity ("Unit 1"), and the Liberty Square Parking Structure owned by the City ("Unit 2");
Whereas, McKinley has notified the City of the general terms of a pending sale of Unit 1, which is being sold together with McKinley Towne Center, at 401 E. Liberty, which consists of approximately 130,824 square feet of office and retail space;
Whereas, The sale price for Unit 1 and McKinley Tow...
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