Title
Resolution to Sell 350 S. Fifth to the Ann Arbor Housing Development Corporation ($6,200,000.00) (8 Votes Required)
Memorandum
The Ann Arbor Housing Commission (AAHC) is requesting City Council approval to sell 350 S. Fifth to the Ann Arbor Housing Development Corporation (AAHDC), a Michigan nonprofit corporation, whose sole member is the AAHC, for $6,200,000.00. Gerald Alcock Company, LLC conducted an appraisal in December 2022 that established the fair market value given the adopted PUD and Supplemental Regulations.
On April 1, 2019, City Council adopted Resolution R-19-138 directing the City Administrator to collaborate with the AAHC to provide coordinated analysis on the feasibility of City-Owned properties as potential locations for affordable housing. This resolution incorporated previous resolutions R-19-100, R-19-111, and R-19-116.
As an outcome of the analysis, in 2020, City Council approved a resolution (R-20-139), that directed the City Administrator, Ann Arbor Housing Commission, and Planning Commission to create proposed application materials and review and recommend development entitlements to the City Council for 350 S. Fifth Avenue (former Y-Lot) to support the development of affordable housing in the City. Under the direction of this resolution, AAHC held a series of public engagement events resulting in the recommendation for a Planned Unit Development (PUD) rezoning for the site.
In 2022, City Council passed ORD-22-03, rezoning the site to PUD (Planned Unit Development) and adopted Supplemental Regulations to establish the uses and development standards for site. Below is a summary of the required or permitted development attributes:
* Permitted primary and accessory uses are the same as the D1 zoning district, except fueling stations, vehicle repair, vehicle wash, and drive-through facilities are prohibited
* The Affordable Phase shall be developed, constructed and occupied first, or concurrently with the Mixed-Income Phas...
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