Title
Resolution to Amend RAP 2.0 Sub-Grant Under the AAHDC for the FAST Project
Body
Whereas, The Michigan Economic Development Corporation (MEDC) has awarded the Ann Arbor Housing Development Corporation (AAHDC) a Revitalization and Placemaking (RAP) 2.0 Sub-Grant of $8,037,830 for real estate and place-based infrastructure improvements for the Fourth Avenue Streetscape and Transit (FAST) Project, which is a full street reconstruction to improve usability and accessibility;
Whereas, the DDA applied with the AAHDC as a sub-grantee in the MEDC RAP 2.0 Sub-Grant;
Whereas, the AAHDC has allocated an award of $803,783 in RAP 2.0 Sub-Grant funds to the DDA to defray costs related to the development and soft costs of the FAST project;
Whereas, and the DDA Board accepted the $803,793 allocation of the sub-grant on July 10, 2024, and authorized the Executive Director to execute the RAP 2.0 Sub-Grant Agreement and take all appropriate actions to implement that action;
Whereas, since that time, a fellow sub-grantee was unable to implement their planned project, making an additional $1,827,820.31 in sub-grant funds available to the DDA, bringing the total sub-grant award to $2,631,603.31;
Whereas, this additional funding will allow the DDA to both expand the scope of the FAST Project and redirect tax increment revenues planned to be spent there on other projects;
Resolved, The DDA Board accepts Contract Amendment #1 to the RAP 2.0 Sub-Grant Agreement providing an additional $1,827,820.31 to the DDA as a sub-grantee of the AAHDC’s MEDC RAP 2.0 Sub-Grant and agrees to abide by the provisions of the Sub-Grant Agreement and to perform its obligations as required therein;
Resolved,That the DDA Board authorizes the Executive Director to execute the Contract Amendment to the Sub-Grant Agreement;
Resolved,That the Executive Director is authorized to take all appropriate actions to implement this resolution.