Renderings were unveiled at the DDA Board meeting on Wednesday, March 7, to illustrate planned improvements for the downtown
Ann / Ashley parking deck. The DDA's plans for the 827-space garage include adding 3 new levels of parking (375 new public spaces) atop the existing 6, adding ground-floor retail along Ashley Street and Miller Ave, and an extensive facade overhaul. There may also be some more utilitarian upgrades to electrical and storm systems, and the addition of electric car charging stations. All told, the scope of the project has increased for the better, and we may be looking at a budget of about $24 - 25 million for everything now, an increase of $7 million from the DDA's budget that was approved back in October.
Related: A2's DDA has big spending plans for the next few years -
Quote:
Ann Arbor DDA dipping $8.4M into cash reserves to tackle big projects
Ryan Stanton | MLive
March 9, 2018
ANN ARBOR, MI - A lot of improvements are planned in downtown Ann Arbor over the next few years, and it's going to be costly. The Downtown Development Authority...is planning to draw $8.4 million from its cash reserves to balance its budget in the next year. That would drop the DDA's fund balance from $12 million to $3.6 million by next summer, spending down much of the DDA's savings. The DDA board voted this week to put forward its 2018-19 budget for City Council approval in May...The budget shows the DDA is anticipating $36.5 million in expenses and $28.1 million in revenue for the year, including $21.2 million in parking revenue and $6.7 million in revenue from its share of the taxes paid by downtown property owners...
|