Ann Arbor Gets Loan Extension for Former YMCA Site
Ann Arbor City Administrator Steve Powers says work on the sale of the former YMCA lot to Dennis Dahlmann continues to go smoothly. However with the city facing a December 16th deadline to repay the $3.5 million installment purchase agreement city council has approved a six month extension on the loan.
Mayor John Hieftje says the extension is protecting the city in case the sale can't be finalized by the middle of this month. Hieftje says sometime next year city council will likely need to determine what expenses they want to repay before committing the rest of Dahlmann's $5.25 million purchase price to affordable housing. The extension resolution also called for budget amendments to refund the initial purchase price, plus about$425,00 dollars to the Affordable Housing Fund and the Downtown Development Authority for interest paid.