Title
Resolution to Accept RAP 2.0 Sub-Grant from AAHDC for the 4th Avenue Streetscape and Transit (FAST) project.
Memorandum
On June 30, 2023, the AAHDC applied for a Revitalization and Placemaking (RAP) 2.0 Program grant administered by the Michigan Economic Development Corporation (MEDC) for a real estate and place-based infrastructure regional Sub-Grant. The DDA applied with the AAHDC as a Sub-Grantee in the Sub-Grant for the FAST Project.
The FAST Project is a full street reconstruction to improve usability and accessibility of the street scape on Fourth Avenue between William Street and Liberty Street. The goal of the reconstruction is to create a visual and tangible link to businesses on Liberty Street, and to support future affordable housing developments in the corridor. FAST will create a street that functions as an extension of the Blake Transit Center, prioritizing safety, and convenience for all users.
The AAHDC has been awarded the Sub-Grant of $8,037,830 in RAP 2.0 funds and has allocated an award of $803,783 in RAP 2.0 Sub-Grant funds to the DDA for costs related to the development of the FAST Project.
The FAST Project is anticipated to be constructed in 2026. The RAP 2.0 funds are to be used for project costs expended through June 30, 2027.
Prepared by: Maura Thomson
Body
Whereas, The Michigan Economic Development Corporation (MEDC) has awarded the AAHDC $8,037,830 for a real estate and place-based infrastructure Sub-Grant; and
Whereas, the DDA applied with the AAHDC as a sub-grantee for the FAST Project, a full street reconstruction to improve usability and accessibility;
Whereas, the AAHDC has awarded the DDA a sub-grant of $803,783 for cost related to the development and soft costs of the FAST project;
Resolved, The DDA Board accepts the grant of $803,783 from the Ann Arbor Housing Development Corporation and agrees to abide by the provisions of the Grant Agreement and to perform its obligations as required therein;
Reso...
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