Title
Resolution to Approve a Brownfield Plan for the Arbor South Project
Memorandum
This resolution approves a Brownfield Plan for the Arbor South project, located northeast of the intersection of South State Street and Eisenhower Parkway, and including the following parcels: 2800 East Boardwalk Drive, 2845 State Street, and 2991 State Street.
Arbor South proposes to transform a parking lot, gas station, and other adjacent properties into a walkable mixed-use district developed over five phases (Phases 1-5). The project envisions more than 1,000 housing units, a hotel, street-level retail, open space and plazas (the "Project"). Among the 1,000 units, approximately 209 are anticipated to be developed as income-restricted housing owned and operated by the Ann Arbor Housing Commission (the "AAHC"), with specific development terms expected to be addressed in a separate development agreement between the AAHC and the Arbor South development team (the "Affordable Housing Component").
To realize this vision, substantial investment in public infrastructure is required, including new streets, sidewalks, utilities, and potentially three public parking structures. These structures are planned as components of Phases 2, 3, and 5 of the Project.
The Brownfield Plan enables new property tax revenues generated by the Project to be captured by the Washtenaw County Brownfield Authority and used to reimburse eligible activities and their associated costs as identified in the plan.
The Brownfield Plan organizes eligible activities into two categories:
* Priority One: Parking structures
* Priority Two: All other on-site and off-site infrastructure necessary for the Project
Included within Priority Two is $25 million in anticipated tax increment revenue designated for a City-led sewer trunkline expansion. The actual amount and timing of reimbursement will depend on the terms of a forthcoming Reimbursement Agreement. The Brownfield Plan also provides for up to 5% simple inter...
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