Today:

TOP JOBS 1 LIQUOR & 1 BEER /WINE Carry-out LICENSE for City of Wyandotte. Best Offer. Serious Inqui... HVAC TECHNICIAN Own Tools & Truck. Wanted in downriver area. 734-282-5507  [ View All Top Jobs ] TOP AUTOS DEVILLE 1992. 150k miles, dark maroon, great condition. $2500. 734-692-7750 ESCORT 1998 4 door, 110K miles, runs good, $1200 or best offer. 313-291-6038  [ View All Top Autos ] TOP HOMES LINCOLN PARK LAND CONTRACT AVAILABLE Home ownership with: **No Bank Approval **Low Down P... YSPILANTI Special Sale on Ford Lake Condo 1625 Cliffs Landing Reduced to $84,600 or bes...  [View All Top Homes ] TOP RENTALS SIBLEY & Inkster Area. Room for rent, all utilities, $90/wk. 734-783-0603 Fall Into Savings 2 Bdrm. Specials Reduced Rates From $535 + $200 off 1st Month! 1 Bdrm. ...  [ View All Top Rentals ] TOP MERCHANDISE TAYLOR ESTATE SALE (in Church) antiques, household, collectibles, jewelry, China, porcela... DEARBORN HOLIDAY SPECTACULAR Craft/Vendor Show, Nov. 15, 10-4, Snow Elementary, 2000 Culve...  [ View All Top MDSE ]   View Classifieds   Submit a TopAd        or call 1-877-888-3202

	The Ypsilanti Courier A Heritage Newspaper Weekly Publication

Funds earmarked for Water Street payment

By Christine Laughren, Staff Writer

PUBLISHED: August 21, 2008

The Ypsilanti City Council unanimously adopted a resolution to designate more than $1.6 million for Water Street debt payment at its Aug. 12 meeting.

Advertisement

The money will come from an excess of 12.33 percent in the undesignated fund balance.

Council members adopted a policy last year that requires the City maintain an undesignated fund balance equal to 10 percent of General Fund expenditures. The June 30, 2007 Audited Financial Statement showed undesignated fund balance of $3,078,083 equivalent to 22.33 percent.

According to the resolution, City Council would replenish the undesignated fund balance back to 10 percent from the designated fund balance for Water Street debt payments should the undesignated fund balance fall below 10 percent.

Progress on the 38-acre property began in 1999 when the city was awarded $7 million in grants and loans from the Environmental Protection Agency. Since that time two developers, Biltmore Properties, Inc. and Joseph Freed and Associates, have pulled out of negotiations with the city.

The city of Ypsilanti is now strapped with $2 million in payments to be made starting in fiscal year 2009 to 2010. To date, the city has performed property acquisition and assessment and begun demolition and remediation, using various Michigan and Federal grants and loan programs, as well as municipal bonds.

The city is currently pursuing approximately $900,000 in grants from the Washtenaw County Brownfield Authority for environmental clean-up and possible demolition of the Water Street property along Michigan Avenue.

Council members agreed in May to revise Water Street's master plan and sell parcels of the property to smaller developers. Mayor Paul Schreiber said the environmental remediation of pieces of the property might encourage development. There is no tax revenue is being generated from the property.