The Ann Arbor City Council has approved the next step for the Arbor South Development.
The Council approved authorizing City Administrator Milton Dohoney Jr. to begin negotiations with the Arbor South developers regarding three parking decks that would be owned and operated by the city.
The $469 million in private investment includes over 1,000 multi-family housing units, about 200 as affordable housing.
Mayor Christopher Taylor says there is a lot of public money involved, but it’s not from current taxes.
“These tax dollars are going to be the tax dollars paid into the kitty by the developer for the bonds associated with their project. That is a crucial understanding that members of the public need to have.”
The city would issue about $164 million in bonds for the decks.
The Council will be holding a workshop next Thursday the 17th to further discuss the project.
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