Thursday, September 18, 2008

Water Street Project update and it's not good

As with anything on a balance sheet these days, the Water Street property has taken a nosedive value wise vs what the city has and it paying on it.

According to the Ann Arbor News, the property is worth between 7-11 million US cash dollars. The city on the other hand has spent around 23 million US cash dollars on the property. The value and the property itself will be on the Ypsilanti City Council's agenda tonight. Rumors say some are interested in it. That would be delightful but we're not holding our breath. Besides, nobody is going to pay 23 million for it so Farmer's Folly will for quite a while be a blight on city finances.

Show up, be heard: tonight's meeting is at 7 p.m. at City Hall, 1 S. Huron St.


glimmertwinfan said...

Ypsilanti isn't the only city that has failed miserably when going outside of their "core competency".

City government are developers. They are entrusted to provide services to those that provide taxes.

This is one venture that got out of hand. Pick up a Toledo newspaper and you will see the same thing has occurred down there. Numerous projects that are underwater because terms change, values, monies promised, etc.

I can't believe anyone would pay anything near $23 million for toxic land. The city should cut their losses and offer the land as a gift and put a ymca there.

glimmertwinfan said...

I meant to say city government are NOT developers.

Johnny Action Space Punk said...

You are absolutely 100% spot on.