Stories indexed with the term ‘loan extension’

Council Loan Extension on Y Lot: Timing Backup

As a hedge – against the possibility that not all the due diligence is completed and the closing on the sale of the former Y lot is delayed past Dec. 16 – the Ann Arbor council has approved a six-month extension on an installment purchase agreement with Bank of Ann Arbor for $3.5 million. That’s the amount the city owes as a balloon payment on the property it purchased 10 years ago.

An agreement to sell the old Y lot on William Street between Fourth and Fifth avenues downtown – to hotelier Dennis Dahlmann for $5.25 million – was approved by the council at its Nov. 18, 2013 meeting. [.pdf of rider] [.pdf of sales agreement]

The interest rate … [Full Story]