That was the original promise. Former Mayor Cheryl Farmer, one of the architects of Water Street, repeatedly said that no city taxpayer money would ever be spent on Water Street.
To date, the City has spent nearly $9 million of property-tax revenues on Water Street debt alone, and owes $14.5 million more. More precisely, the City doesn’t owe the money – we do. That is because our city leaders pledged the full faith and credit of Ypsilanti taxpayers to bail them out if this project failed. It did.