Video: Ypsilanti City Council Water Street Update Dec 15, 2008

February 4, 2009 by  
Filed under Video

City Council convenes special meeting to discuss Water Street.

The Ypsilanti City Council held their monthly Water Street update.

Water Street Presentation by City Staff

City Manager Koryzno gave an overview of the direction given by City Council regarding Water Street. Assistant City Manager McGrath reported on progress with the Water Street project and stated that there are potential developers for some of the parcels and the city has received two offers. Ms. McGrath introduced Joe Fazio from the law firm of Miller-Canfield who gave Council his credentials and explained what his role would be in negotiating with potential developers. Drew Chorney, CB Richard Ellis, gave an update on progress and explained why people are looking to develop in Ypsilanti.

McGrath gave an overview of the financials stating the city had $2.7 million in reserves to pay upcoming Water bond payments. The city should have enough to make the next three years of payments.

Council passed a resolution directing City Staff to bring forward any proposal to clear the properties from the site.

Council passed a resolution to schedule a third meeting each month specifically to discuss Water Street. The special meeting will be held the fourth Tuesday of each month at 7pm at City Hall.

City Council Minutes, Dec 15, 2008