Title
Resolution to Approve Amendment No. 2 to the Parking Agreement between Village Green Residential Properties, LLC, the City of Ann Arbor and the Ann Arbor Downtown Development Authority
Memorandum
On September 21, 2007, City Council approved a Parking Agreement between the City, DDA and Village Green Residential Properties, LLC (hereafter “Village Green”) concerning the design, construction and financing of a public parking garage in connection with Village Green’s Option to redevelopment of the First and Washington property owned by the City. Subsequently, on April 7, 2008, Council approved Amendment No. 1 to the Parking Agreement clarifying design and construction “useful life” requirements and increasing the per space cost contribution for the construction of the public spaces within the parking garage.
On August 5, 2010, City Council approved Amendment No. 5 to the Option to Purchase Agreement with Village Green (hereafter “Amendment No. 5). In accordance with the terms of Amendment No. 5, the parties agreed to negotiate Amendment No. 2 to the Parking Agreement revising and updating its terms and conditions to coincide with the Option Amendments and other documents approved by the parties for development and construction of the turnkey parking garage and its ownership structure since the approval of Amendment No. 1 to the Parking Agreement.
Amendment No. 2 to the Parking Agreement restates the project goals in connection with the construction, operation and management of the parking garage. In addition specific terms and conditions have been negotiated in connection with:
· City/DDA access during construction including on-site inspection, record inspection, and attendance at contractor/construction management meetings.
· Clarification of construction standards and warranties
· City review of construction budgets and available financing resource documents to assure adequate funding is available at all times to complete construction of the project
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