A policy for distributing the proceeds from the sale of development rights on the Library Lane lot in downtown Ann Arbor has won approval from the Ann Arbor city council. The proposed policy, approved on a 7-3 vote, sets aside 50% of the net proceeds of the sale to the city’s affordable housing trust fund.
At least 50 people attended the council meeting in support of the resolution, and four people spoke in support of the resolution during public commentary reserved time at the start of the meeting.
The council has already directed the city administrator to hire a real estate broker to explore selling the rights to develop the site – above the Library Lane underground parking structure, which was completed in 2012. But there is not currently an offer from a buyer for the development rights. Estimates of the sale price have ranged from $6-10 million.
The item had been postponed at the council’s April 7, 2014 meeting.
Voting for the policy at the June 2, 2014 meeting were Christopher Taylor (Ward 3), Margie Teall (Ward 4), Chuck Warpehoski (Ward 5), mayor John Hieftje, Sumi Kailasapathy (Ward 1), Sabra Briere (Ward 1) and Sally Petersen (Ward 2). Mike Anglin (Ward 5) was absent. Stephen Kunselman (Ward 3), Jane Lumm (Ward 2) and Jack Eaton (Ward 4) voted against it.
Details on the council’s deliberations are provided in The Chronicle’s live updates filed during the meeting.
This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron.