This news is about a month old, but since I just noticed that animatedmartian had a thread going for this development, I figured I'd add to it:
The IRS audit for federal bonds used to finance the underground parking deck which would support the future Collective on 5th is officially closed. The conclusion of the audit is that the city is in compliance, but a word of caution was issued. It basically comes down to this:
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...The bonds would no longer be tax advantaged if more than 10 percent of the proceeds were used for private business and if more than 10 percent of the bonds were secured by private payments. After reviewing information provided by the city regarding the various cost elements for the Library Lane garage project, including costs for structural and utility improvements to support future development, the city's bond counsel maintains that less than 10 percent of the proceeds of the bonds were used for private business...
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It sounds like the words of warning are boilerplate comments from the IRS, but that the approach of city council is to proceed carefully.
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...Jack Eaton, one of three City Council members who opposes the Core Spaces deal, said he's not put at ease by either the bond counsel memo or the IRS audit letter. He said he's not seeing any clear assurances that there's no risk for the city. Mayor Christopher Taylor tweeted on Monday, Oct. 16, that the language in the IRS letter is "IRS-ese" for "The audit is closed, continue to pay attention to this issue going forward..."
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Preliminary site layout plan. The formal site plan for the project is yet to be officially reviewed / approved. Developer plans include a large plaza area:
The Library Lot, atop the underground parking structure, as it looks now:
Images Source:
Ryan Stanton | The Ann Arbor News / MLive