Thursday, June 5, 2008

Water Street Project lurches forward, ever so slightly

The Ypsilanti City Council has hired C.B. Richard Elllis for the sum of $56,000 to do a feasibility study AND market the project nationally to see if a developer can be found.

Brian Robb, D-3, and stickler for saving tax dollars for residents, did not think yet another study was warranted:

"It's like we're throwing money away, and they are going to tell us we need mixed development."

We tend to agree with Brian on this. How many studies are we gonna pay for all telling us the same thing? Granted, the last study done was in 2001 but let's just say the site hasn't changed in size or style. It's still there.

Why should this concern you? It's big money right now being siphoned out of your pockets with more, much more to come. The Ann Arbor News has more:

The city has changed the focus of the project from residential to a mixed use of residential and commercial. The city has spent about $23.5 million on the project so far, money that came from loans, bonds and grants. Loans, bonds and refinancing cost about $15.7 million and will cost the city about $15.6 million in interest that will have to be paid by 2031. The total cost to taxpayers is about $31.4 million.

4 comments:

glimmertwinfan said...

I don't know how a city of 20K can afford this. Talk about being taken for a ride by city government.

I know those businesses that were there were dumps, but how much tax revenue has the city collected in the past 7 years? Probably enough to help offset that new millage you posted about yesterday.

I don't care if they build the Taj Majal on that site, it won't be worth $30 million.

trusty getto said...

Shame on Brian for being yet another nay-saying roadblock in the way of our community's success! And don't forget that Brian is known for being one of those tight-fisted, fiscally responsible, wacko hoarders of money. The nerve of that man, claiming to represent the 3rd Ward!

One, Ellis and its employees need this money. In this real estate market, who knows what might happen if municipalities hang on to these ever-dwindling monetary resources, keeping them from private corporations. Ellis isn't asking much - just to keep its doors open. If the money isn't given to Ellis now, it may not be there next year, and then who knows what might happen?

Two, $56K is about what is needed to make it look like we're actually doing something to move Water Street forward. If you go too far below that, say $15K, everyone would see that we'd just be paying lip service to the notion that we're really moving on Water Street. $56K won't bankrupt us, but it's not pocket change either. What with all the criticism the City has taken over this entire failed real estate debacle, I think it's just the right amount to keep appearances up.

Finally, what else could warrant spending this money? Picking up leaves in the fall? Ordinance enforcement? Replacing workers whose positions have been eliminated through attrition? The Freighthouse? The pool? Come on, giving it up to corporate America to study what has already been studied and to market what has already been marketed is clearly the best way to use this money.

Why do something ourselves on the cheap when we can hire a consultant to do it for us at a mere cost of tens of thousands of dollars?

Anonymous said...

In light of Mr. Getto's criticism, I have asked that the City have his house condemned.

Brian Robb
City Council, Ward 3

Johnny Action Space Punk said...

My dad was in real estate and one fine afternoon he was showing a nice woman some property with a small lake. She looked at him and asked "How old is this land?"

Exactly the same thought I had when I saw what was being spent on this. Is the land over there suddenly bubbling swamp gas? I'm sure there are pictures of it. In color.

For that much money the city could buy a really cool Corvette convertible.