Next Financial Step for City Apartments Parking

The Ann Arbor city council has approved a step necessary for the Ann Arbor Downtown Development Authority to satisfy its commitment to support the construction of the parking deck within Village Green’s City Apartments project. The residential project is currently under construction at the southeast corner of First and Washington.

The step taken by the council was to create a project budget for the proceeds of bonds sold by the city on Jan. 22, 2013 – $8,666,075 total, of which $4,079,743 were taxable and $4,586,332 were non-taxable. The council created the project budget at its Feb. 19, 2013 meeting. The authorization to issue the bonds had come at the council’s Oct. 4, 2010 meeting.

The DDA is committed to covering payments on the roughly $9 million of bonds to support construction of the bottom two floors of the building – which will hold about 240 parking spaces. Of those, 95 will be available for public use. The remainder of the spaces will be used by residents of the 146-unit project, when construction is completed. Before then, the deck will be handed over to the city and the DDA after a certificate of occupancy for the parking deck is received.

As of early February, the construction was on a pace that would result in a certificate of occupancy for the parking deck by March 15. The construction of the entire building is expected to be complete by the end of the summer. [.jpg of view from First and Washington looking east]

This brief was filed from the city council’s chambers on the second floor of city hall, located at 301 E. Huron. A more detailed report will follow: [link]