Update on the Y lot downtown, as the city considers its options on whether to exercise its right to purchase it back from the current owner, or to try and negotiate some sort of deal. The owner / developer has offered up many excuses for not developing the site within 4 years, which was a requirement of the sale back in 2013. He is now trying to sue the city.
Quote:
Ann Arbor official who may be Y Lot swing vote hopes for negotiation
Ryan Stanton | MLive
April 10, 2018
ANN ARBOR, MI - Ann Arbor officials left a closed-door meeting Monday night, April 9, and adjourned a special session of the City Council with no final decision on the Y Lot. Council Member Jane Lumm, who could be the swing vote deciding whether the city exercises its right to repurchase the prime downtown property for $4.2 million, much less than the city believes it's worth, said she hasn't made up her mind yet. Lumm said she wants to see a development happen on the site, and at the moment her personal preference is to have the city negotiate with the property owner to achieve that goal, rather than remain tied up in litigation and potentially have the lot sit vacant for years...
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