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.
Showing posts with label water street project. Show all posts
Showing posts with label water street project. Show all posts
Thursday, September 18, 2008
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.
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.
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