A loyal EMUTalk.org reader sent me this link to mLive, “$12M affordable housing project: More apartments proposed for Ypsilanti’s Water Street.” This prompted me to see what local blogger/man about town Mark Maynard has had to say about this; his latest post is “Ypsilanti Township official calls the proposed Water Street Flats low-income housing development a “terrible waste of taxpayer dollars” that will be disastrous for Ypsi… Does she have a point?”
I don’t know as much about the whole Water Street thing as perhaps I should, but as I understand the situation, there is just no good solution here. Hindsight is 20/20 of course, but it seems to me the city of Ypsilanti paid way too much for this property and tried to develop projects that are completely unrealistic. The choices now seem to be to sell off the property at deep discounts to projects that aren’t exactly going to bring in a lot of tax revenue and/or raise the profile of downtown Ypsi (e.g., a Dollar Store, a low-income apartment complex, etc.) or to hang on to the project longer, which could speed Ypsi’s (perhaps inevitable?) trip to an Emergency Financial Manager and bankruptcy.