Library Lot Proceeds OK’d for Affordable Housing
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 … [Full Story]