Title
Resolution to Transfer All Properties Owned by the Ann Arbor Building Authority to the City of Ann Arbor, Terminate all Leases and Obligations with the City, and Assign Other Rights and Obligations to the City
Memo
The Ann Arbor Building Authority was constituted to hold City property and to encumber those properties with bonds. All bonds related to properties owned by the Building Authority have been retired as of 2017. Per MCL 123.963 of the Michigan Building Authorities Act, all those properties must now be conveyed to the City of Ann Arbor. Staff have identified 7 outstanding properties (see attached deeds), however, as we are not certain that our records are complete, this resolution authorizes transfer of all properties, in case others are discovered.
This resolution also authorizes termination of all leases and obligations between the Building Authority and the City, and assignment of all other rights and obligations to the City.
Staff
Prepared by: Christopher Frost, Senior Assistant City Attorney
Body
RESOLVED, That the Ann Arbor Building Authority authorizes the transfer of all real property owned by the Building Authority to the City of Ann Arbor;
RESOLVED, That the Ann Arbor Building Authority authorizes the termination of all leases and obligations between the Building Authority and the City of Ann Arbor related to properties now or previously owned by the Building Authority, to the extent that the termination is agreed to by the City in the particular instance;
RESOLVED, That the Ann Arbor Building Authority authorizes the assignment of all rights and obligations of the Building Authority to the City of Ann Arbor, to the extent the assignment is agreed to by the City in the particular instance;
RESOLVED, That Michael Pettigrew, member of the Board of the Ann Arbor Building Authority, is designated as the authorized signatory and is directed to take all actions and to execute, all deeds, terminations, agreements, and other documents a...
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