What is Water Street?

“Water Street” was a city-sponsored development project that bought and cleared business properties 20 years ago, to create what is now the empty field just east of City Hall.

This cost nearly $30,000,000 (around $750,000 per acre), under terms that guarantee repayment to bondholder investors at the expense of city taxpayers. It is still considered “an investment in the future” by diehard supporters (a dying breed).

In the words of one sitting Council member, “we wouldn’t be discussing additional taxes if Water Street did not happen.”