The Ann Arbor City Council on Monday agreed to the path forward on the timing of issuing bonds for the three parking decks at the proposed Arbor South.
Originally. the resolution would have had the city issue bonds for all three decks prior to construction. Using municipal bonds would cost less in the long run but also put the city at greater financial risk.
An amendment changed that to have bonds issued to pay back the developer after the first deck is completed. The city would then bond for the subsequent decks.
Mayor Christopher Taylor called it a good compromise.
“I think that’s a wise modulation of risk and reflects both staff’s expertise, and this council and community observes the novelty of this venture.”
Plans for the site include a 20-acre mixed use development, including 1,000 housing units with 230 earmarked as affordable.
Non-commercial, fact based reporting is made possible by your financial support. Make your donation to WEMU today to keep your community NPR station thriving.
Like 89.1 WEMU on Facebook and follow us on X (Twitter)
Contact WEMU News at 734.487.3363 or email us at studio@wemu.org
