Title
Resolution to Approve a Financing Contract with the Ann Arbor Downtown Development Authority for City of Ann Arbor Capital Improvement Bonds (Downtown Development Project)
Memorandum
On October 3, 2018 the DDA approved a project financing contract between the DDA and the City to make payments for the City-issued 2018 LTGO Capital Improvement bonds, which are proposed to be issued for various street, bikeway, sidewalk, streetlight, utility, landscaping and infrastructure improvements and pedestrian amenities in the downtown development area. The improvements include Huron Street (between Chapin/Third and Division), First and Ashley Streets (between Madison and Kingsley), and William Street (between Third and State Streets). The bonds will be repaid in full by the DDA, as a contractual obligation to the City.
Staff recommends the approval of this contract with the DDA.
Staff
Prepared by: Tom Crawford, Financial Services Area Administrator and CFO
Reviewed by: Betsy Blake, Senior Assistant City Attorney
Approved by: Howard S. Lazarus, City Administrator
Body
Whereas, The City of Ann Arbor (the "City") created the Ann Arbor Downtown Development Authority (the "Authority") pursuant to Act 197, Public Acts of Michigan, 1975, as amended (the "Act");
Whereas, Pursuant to the Act, the Authority prepared its Development Plan and Tax Increment Financing Plan for the Authority's Development Area, which was adopted by the City Council by Ordinance No. 55-82, and subsequently amended by the Authority and adopted, as amended, by the City Council by Ordinance No. 26-03 (the "Plan");
Whereas, The Authority and the City have determined that it is necessary and appropriate at this time to finance certain capital project costs pursuant to and consistent with the goals of the Plan, which will include various street, bikeway, sidewalk, streetlight, utility, landscaping and infrastructure improvements and pedestrian amenities in the Authority's District, includi...
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