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.
The City of Ann Arbor and the owner of the Campus Inn and Bell Tower Hotel have reached an agreement for the sale of the former YMCA property.
Dennis Dahlmann agreed to all of the conditions required by City Council in addition to his purchase price of $5.25 million for the property at 350 South Fifth Avenue.
Mayor John Hieftje says he's excited to have the sale moving forward and have the land providing income to the city and bring more vitality than a surface parking lot.
The sale is expected to close by the end of the year to meet the city's deadline to payoff an interest only loan on the property. Dahlmann will be required to build a project including ground floor retail, large plate office space, and residential units.
Rental fees will be waived at an Ann Arbor park in an effort to assist a program that provides food for the homeless, and help increase community activity. As WEMU's Andrew Cluley reports, Ann Arbor City Council last night unanimously approved a one-year, trial waiver of rental fees at Liberty Plaza.
The Mayor of Ann Arbor says the city has turned the corner on recession. As WEMU's Andrew Cluley reports, John Hieftje yesterday gave an unofficial "State of the City" address at the Ann Arbor-Ypsilanti Regional Chamber Headline Lunch.