Title
Resolution of Intent Regarding 350 S. Fifth Avenue
Body
Whereas, In the past four decades, the income gap in the Ann Arbor Metro Area has grown 33.2%, widening the divide between our wealthiest and poorest neighbors (1);
Whereas, Housing is one of the largest expenses a household faces (2);
Whereas, 350 S. Fifth Ave (the "Property") was originally home to the Ann Arbor YMCA, providing public recreational space and 100 units of affordable housing;
Whereas, In 2008, the demolition of the old Ann Arbor YMCA building resulted in the closure of 100 affordable housing units;
Whereas, In 2015, the City of Ann Arbor ("the City") adopted a goal of building 2,800 new units of affordable housing by 2035, or 140 new units per year (3);
Whereas, Since adopting this goal, the City has only netted 18 new affordable housing units (4);
Whereas, Economic diversity is pivotal to the vibrancy of our community, the health of our economy, and the success of our downtown businesses;
Whereas, Housing located near centers of employment and public transit decreases traffic congestion and promotes economic activity, both of which enhance residents' quality of life; and
Whereas, Within the last five years, the City has had tremendous success utilizing public-private partnerships to construct, operate, and maintain thousands of affordable housing units (5);
RESOLVED, That the City will utilize the Property to create the greatest quantity and quality of affordable and workforce housing units in downtown Ann Arbor;
RESOLVED, That by August 31, the City Administrator will recommend to City Council a process to follow which addresses the following requirements:
* The City will maintain some ownership of the Property (e.g. land lease)
* The City will seek to recapture the cost of exercising its rights in the Property while ensuring a sustainable financial model
* The Developer will offer a mix of unit types and rent levels
* The Developer will maximize the number of affordabl...
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