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 $ 23,000,000.00) (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 $ 23,000,000 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, additional covered bicycle parking, and various infrastructure improvements including electrical, lighting, storm water 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.
The DDA is pursuing an expansion of the Ann Ashley parking structure with the goal of supporting future redevelopment in the portion of downtown west of Main Street. There are 350+/- parking spaces in surface parking lots located in close proximity to the Ann Ashley structure, which in the future could be eliminated when these lots are redeveloped into new residences (including affordable housing), offices, retail shops and hotel rooms. The DDA's investment in Ann Ashley is being pursued concurrent with the DDA's other infrastructure investments along the Ashley Street, First Street, and Huron Street right-of-ways, including new water mains, sidewalks, road resurfacing...
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