DDA Waives Reimbursement for Y-Lot Expenses
Ann Arbor's Downtown Development Authority has asked the city to commit the funds the DDA spent on the former YMCA lot to affordable housing projects. The DDA board yesterday passed a resolution to waive the reimbursement of their costs on the Y-Lot property, and encourage City Council to commit as much as possible to affordable housing as well.
DDA Board Member Keith Orr says to make a real impact on affordable housing as much money as possible is needed from the $5.25 million for the sale of the Y-Lot.
The DDA estimates after subtracting income from the surface parking lot they have spent $1.49 million on the Y-Lot, primarily for the demolition of the building and preparing the parking lot. The sale of the Y-Lot to Dennis Dahlmann is expected to be completed by the end of the year.