Title
Resolution to Approve Purchase Agreement for the Purchase of the City-owned First and Washington Property by Ann Arbor City Apartments, LLC (Successor-in-Interest to Village Green Residential Properties, LLC) and Appropriate the Sale Proceeds (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve a purchase agreement for the purchase of the City First and Washington property to Ann Arbor City Apartments, LLC, successor-in-interest to Village Green Residential Properties, LLC (“Ann Arbor City Apartments”)
On August 10, 2006, City Council approved the recommendation of the First and Washington RFP Review Committee for the City to enter into negotiations with Village Green Residential Properties, LLC (“Village Green”) for the sale and redevelopment of the site located at the southeast corner of First and Washington in the downtown district of Ann Arbor (“First and Washington property”). At that time Council anticipated the redevelopment of the First and Washington property as a Planned Unit Development which would achieve the following City goals:
§ Increase downtown residential density and diversity
§ Replace public parking spaces on the site
§ Maximize the financial return to the City for the sale of the land
§ Maximize TIF revenue to the Ann Arbor Downtown Development Authority for the redevelopment of the site
Since that date, negotiations between the City, Village Green and the DDA have resulted in an approved Option Agreement, an approved site plan, parking agreement and resolution of all conditions for acquisition of the property by Village Green consistent with Council’s goals for the redevelopment of the site.
Under the terms of the Option Agreement, Village Green could assign its interest in the Option and all related agreements to an entity formed in accordance with the terms of the Option Agreement. Ann Arbor City Apartments, LLC, a Delaware limited liability company, was created on October 18, 2011 and...
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