Ann Arbor Authorizes $9M in Bonds

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At its Oct. 4, 2010 meeting, the Ann Arbor city council authorized issuance of $9 million in general obligation bonds in connection with the parking deck to be built as part of Village Green’s City Apartments project at First and Washington. The bonds could take the form of conventional tax-exempt bonds, or other bonds, depending on which are legally available and most advantageous to the city. In 2008 the Ann Arbor Downtown Development Authority passed a resolution authorizing that the bond payments be made from revenues generated by the city’s public parking system, which is managed by the DDA. The city council approved an extension to the purchase option agreement for the land at its Aug. 5 meeting.

This brief was filed from city council chambers. A more detailed report of the meeting will follow: [link]