I took a little time to confirm what Vicky posted. She's dead on in all of her facts.
List Members; It's time to start scrutinizing every little thing the park board does. It troubles me that they could mishandle such a large amount. What about the minor and mid size expenditures? The board is about to make a very unwise purchase. 1-2 million in poor decisions could keep the parks open for kids in Jordan or any other neighborhood for longer hours. We could hire that many coaches for basketball and little league. Kids could be playing all day seven days a week. Craig Miller Former Fultonite [EMAIL PROTECTED] > If you drive by the proposed "new digs" at 2117 West River Road N, you will > see a two story industrial building in a sad state of repair. > > Next door is Broadway Pizza, 2025 West River Road N. > > On the other side are two buildings: Doyle Lock at 2201 and Star Press at > 2225. > > I looked up the 2002 property tax valuations and tax bills for these 4 > properties. Here they are: > > 2117 (Moore Business Forms - New Digs) Valuation: $2,360,000 Property > Taxes: $98,823 > 2025 (Broadway Pizza) Valuation: $743,000 Property Taxes: $30,045 > 2201 (Doyle) Valuation: $605,000 Property Taxes: $24,175 > 2225 (Star Press) Valuation: $532,000 Property Taxes: $21,070. > > Brian Rice said that the "appraised value" of 2117 is $3.3 to $3.4 million. > Hmmmmm.....must have used the City Center appraiser. Having been in the > real estate business for over 30 years, I can assure Mr. Rice and the Park > Board that no one in their right mind would pay $3 million for that property > at this point in time. Commercial property values are dropping like a rock. > > Mr. Rice also said that "he believes" the City assessor carries a value on > it of $3.2 million. Wrong Mr. Rice: It's $2.3 million - and falling. > > As a comparison, I looked at a nice office building on the edge of the > loop - 825 S 8th Street. This property has two towers, one with 5 stories > and one with 12 stories. It sold last year (in the midst of the real estate > frenzy) for $3.06 million. > > It took me about 10 minutes to do my little exercise in due diligence. > > If the Park Board thinks it's getting a good deal - we've got a serious > competence problem. > > On the other hand, I've got about 4 acres of incredible land on the West > Bank - with breathtaking views of Downtown Minneapolis. I'd be delighted to > sell it to the Park Board - for say $10 million! Let's make a deal: That > way, Moore Business Forms and I can laugh all the way to the bank together. > > One more note: Renting office space is smart during times of declining > market values. Buying office space is smart at the bottom of a cycle - not > at the top. > > Vicky Heller > Cedar-Riverside (Work) > North Oaks (Home) > > _______________________________________ > Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy > Post messages to: [EMAIL PROTECTED] > Subscribe, Unsubscribe, Digest option, and more: > http://e-democracy.org/mpls _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
