Title
Resolution Authorizing Publication of Notice of Intent to Issue General Obligation Capital Improvement Bonds to Fund Downtown Development Authority Ann Ashley Parking Structure Expansion Project (Not to Exceed $27,000,000.00) (6 Votes Roll Call)
Memorandum
Recommended for Council is a Resolution approving the publication of a Notice of Intent to Issue General Obligation Bonds in the maximum principal amount of $27,000,000.00 for the purpose of financing the costs to add three new floors of parking spaces, a new elevator, improvements to the structure for pedestrian entrances, buildout of the space under the southern portion of the current parking structure, additional covered bicycle parking, and various infrastructure improvements including electrical, lighting, stormwater infiltration, and solar charging, to the Ann Ashley Parking Structure located at 220 N. Ashley Street (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 the City Council.
Staff anticipates that the Downtown Development Authority of the City of Ann Arbor (DDA) will be responsible for repayment of the Bond proceeds, interest, and other related issuance costs. A Financing Agreement committing the DDA for this repayment is being prepared for consideration prior to City Council considering final approval of the Bond issuance.
The Capital Improvement Bonds are to be secured secondarily by the City's pledge of its limited tax full faith and credit, and are expected to be sold through competitive bidding. The Bond Authorizing Resolution, to be considered at a later ...
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