Title
Resolution Authorizing Publication of Notice of Intent to Issue Capital Improvement Bonds to Fund a Portion of the Development of 350 S. Fifth Avenue as Affordable Housing (Not to Exceed $35,000,000.00) (6 Votes Roll Call)
Memorandum
Recommended for Council is a Resolution approving the publication of a Notice of Intent to Issue Capital Improvement Bonds (Limited Tax General Obligation) in the maximum principal amount of $35,000,000.00 for the purposes of financing part of the costs to develop affordable housing at 350 S. Fifth Avenue (the "Bonds").
The purpose of this resolution is to authorize publication of a notice of intent to issue the Bonds to inform the electors and taxpayers of the City of Ann Arbor of the Bonds' purpose and their right to petition for a referendum on the question of issuance of the Bonds. The City intends to issue the Bonds without a vote of the electors, but the Bonds will not be issued until 45 days after publication of this notice and until final approval and authorization by separate resolution by City Council.
The Ann Arbor Housing Commission, through its 501(c)(3), the Ann Arbor Housing Development Corporation, is co-developing the property at 350 S 5th with Related Midwest. The project is a twenty-story, mixed-use building located in the heart of downtown Ann Arbor. It will feature 330 units that will be targeted to low and moderate-income households (up to 80% of the Area Median Income) along with ground-floor retail and the expansion of the Blake Transit Center. The building will be all electric and net-zero ready, utilizing state-of-the art building technology to deliver strong environmental performance. A new permanent restriction will be recorded through a modified deed or a restrictive covenant which will require the greater of 100 units or 40% of the units to be restricted to households at 60% AMI or less.
The project is anticipated to cost over $200 million and has already secured the support of the Michig...
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