Title
Resolution to Approve the Ann Arbor City Apartments Master Deed and Bylaws (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve the Ann Arbor City Apartments Master Deed and Bylaws. This document is required by the Option Agreement, as amended, regarding the development of land by Village Green Residential Properties, LLC. Village Green will assign their interest in the land to a new entity, Ann Arbor City Apartments, LLC (“Developer”) consistent with the terms of the Option Agreement.
The Master Deed will be recorded by the Developer immediately after the property is purchased from the City at the property closing. The Master Deed describes the ownership interests in the property and specifies the City’s ownership interests in the parking deck, the Developer’s ownership interests in the residential apartments, and the shared interests in the condominium common areas such as elevators, stairways and structural supports.
As provided in the Option Agreement, the Developer will deed the City’s condominium unit back to the City, and will complete the construction of the parking deck. Upon completion of construction of the parking deck, the Developer will transfer ownership interests in the deck via a bill of sale and an additional deed.
The Master Deed creates a condominium association that will manage and maintain all of the common areas in the condominium. The condominium association will be equally controlled by the City and the Developer consistent with the Master Deed and attached Bylaws. The City and Developer will also be equally responsible for the costs of maintenance and repair of the common areas. The City and the Developer will separately control their individual units in the condominium.
The Master Deed includes all relevant provisions required by the Option Agreement, the Ann Arbor City Apartments PUD Supplemental Regulations, and the Ann Arbor City Apartments Development Agreement regarding issues suc...
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