Comments (0) 12:00 AM posted by admin |
From the City’s FAQ on Water Street: Are the City’s financial troubles related to the Water Street Project?No. The financial challenges that face the City are largely due to the combination of Proposal A, the Headlee Amendment, and large amount of tax-exempt land in the City, which in combination limit it’s [sic] ability to grow its tax base through increases in property value. The situation has been intensified over the past decade due to less than prescribed funding under Act 289 (fire protection funding for state facilities such as Eastern Michigan University) and recent cuts and reductions to state shared revenues. The City’s general fund has not been used to support the Water Street Project to date, nor is it anticipated to do so in the future.
At last night’s budgeting session, $205K out of the general fund was earmarked towards paying off Biltmore Properties for their work on the project. General fund monies will continue to be used over the next several years until the last of the $375K settlement has been paid for.
I know what you’re thinking. It’s low-hanging fruit. But you didn’t expect me to pass on that one did you?ï¿½
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