Title
Resolution to Approve the Master Deed for the Collective on Fifth Condominium at 319 S. Fifth Avenue
Memorandum
Attached is a resolution to approve the Master Deed for the Collective on Fifth Condominium ("Condominium"). The Master Deed consists of the Master Deed, Condominium Association Bylaws (Exhibit A), and the Subdivision Plan (Exhibit B). The Collective on Fifth is the name of the proposed development to be constructed over the Library Lane Parking Structure at 319 S. Fifth ("Development"). The Master Deed is contemplated by the Agreement of Sale executed by the City and the developer, Core Spaces Ann Arbor Fifth LLC ("Developer").
Consistent with the Agreement of Sale, the Master Deed legally creates under Michigan law the vertical air space unit that will be sold to the Developer. It specifically describes the building envelope for the proposed Development, and establishes the rights and duties of the Condominium Association that will manage and maintain common areas for the Condominium, including the structural support elements for the parking deck and proposed development. The Condominium Association will be controlled equally by the City and the Developer, and costs of maintenance and repair for common areas will also be equal. The City will continue its ownership, control and operation of the Library Lane Parking Structure, and the Developer will separately control the proposed Development. Given that the Development has not gone through the site planning process, these documents are subject to change as other details are finalized regarding the Development.
The Agreement of Sale requires that this document be negotiated and agreed to prior to September 28, 2018, but the document was not complete by the last scheduled meeting in September. The resolution requests that Council waive the deadline established by the Agreement in order for the Master Deed to be approved at this time. The resolution also requests that Council waive any r...
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