Title
Resolution To Approve a Parking Agreement with Fifth Avenue Michigan Limited Dividend Housing Association, LLC
Body
Whereas, The Ann Arbor Housing Commission (AAHC) purchased the property at 350 S Fifth Ave from the City of Ann Arbor with the purpose of constructing an affordable housing project;
Whereas, Fifth Avenue Michigan Limited Dividend Housing Association, LLC is the legal entity formed by the AAHC to receive the allocation of LIHTC's, provide the affordable housing, collect the rents and pay the expenses at the 350 S. Fifth project.
Whereas, The City Approved project will have 330 housing units serving residents with income levels between 30% and 80% of AMI;
Whereas, The AAHC has requested a parking agreement to guarantee access to up to 165 Limited/Off-Peak permits, at the going rate, for a period of fifteen years, to satisfy lender requirements;
Whereas, The AAHC has requested a waiver of the permit premium fee, historically part of long-term contracts;
Whereas, the Ann Arbor Housing Commission is a component unit of the City of Ann Arbor;
Whereas, On March 16, 2026 the Ann Arbor City Council approved the issuance of up to $35 million in bonds to support the construction of affordable housing at 350 S. Fifth Ave;
Whereas, The Ann Arbor DDA has supported the development of 350 South Fifth Ave. since 2003 providing over $3M funding;
Whereas, the DDA, as a component unit of the City of Ann Arbor, is committed to supporting City core values as defined by the Comprehensive Plan as affordable, equitable, sustainable, and dynamic;
Whereas, The DDA does not issue long-term parking contracts except in rare instances related to previous site plans requirements or the sale of a City-owned property;
Whereas, The DDA adopted a Long-Term Parking Permit Policy in 2017 that spoke to using parking permits to support projects in alignment with DDA goals, and meeting a set of criteria around those goals, and the policy became outdated when parking mi...
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