Title
Resolution to Approve the City of Ann Arbor Affordable Housing Agreement for 1140 Broadway with Morningside Maiden Lane, LLC and Morningside Broadway, LLC
Memorandum
Attached is a resolution to approve the City of Ann Arbor Affordable Housing Agreement for 1140 Broadway. The developer agreed to provide 15 units of affordable housing in the development in association with the City's support and the County's approval of the Brownfield Plan for the site. The development was approved as the 1140 Broadway Planned Project Site Plan ("Development"), and is currently being marketed as Beekman on Broadway.
The Agreement has been drafted to implement the requirements for the affordable dwelling units on-site as provided in the Washtenaw County Brownfield Redevelopment Authority Reimbursement Agreement between the County and Morningside Lowertown, LLC, which is the predecessor in interest to Morningside Broadway, LLC and Morningside Maiden Lane ("Developer"). The Brownfield Agreement required that:
* Eight affordable housing units are required in Phase I of the Development which is currently under construction.
* Seven affordable housing units are required in Phase III of the Development.
* The affordable housing units will be available to households earning up to 60% of AMI for 99 years using HUD Fair Market Rents.
* The affordable housing units shall be of the same size, appearance and finishes as comparable market-rate units.
The Agreement requires that the affordable housing be offered to those on the Ann Arbor Affordable Housing Waitlist which was recently initiated by the OCED. Prospective tenants will be certified as income-qualified by the OCED prior to the Developer leasing an affordable housing unit. The Developer will be required to provide annual reports to the City regarding compliance with the Agreement.
Staff
Prepared by: Kevin S. McDonald, Deputy City Attorney
Teresa Gillotti, Director Office of Community and Economic Development
Revi...
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