The Ann Arbor City Council has approved a plan of what to do with the revenue generated though the sale of the Kline’s parking lot.
The city estimates it will receive about $17.4 million when the sale with Hines Development is finalized. The allocations include $4.6 million to establish a Strategic Property Acquisition Fund.
Council member Jenn Cornell says it could lead to more affordable housing projects.
“How does the city position itself to be competitive when land becomes available and we are consistently outbid because we do not have cash available to bid against the University of Michigan on these even to show earnest money?”
The city also plans on putting $2 million from the sale into the city reserve fund, $2.6 million into the Sustainable Energy Utility for working capital, and $2 million to acquire a modern police records management system.
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