I want to be sure I correctly understand today's Strib story on the downtown
theater refinancing.
(http://www.startribune.com/stOnLine/cgi-bin/article?thisSlug=MINN19&date=19
-Sep-2000)
For $22 million, the city will refinance State & Orpheum theater bonds, and
finance the conversion of the Mann to the Pantages, and the redevelopment of
the Stimson Building that encases the Mann. I had heard that
State-Orpheum-Mann deal was essentially a user fee deal, where a surcharge
on theater tickets would pay the cost of the refinancing/conversion, not
property taxes.
But here's where I'm confused: Rochelle Olson writes, "The revenue bonds
would be repaid through restoration ticket fees ranging from $1 to $3 a show
**and with increased property taxes generated by the the Stimson Building
after it's refurbished.**" (asterisks mine)
This sounds like there is a tax-increment financing component too. Is TIF
involved? Anyone who knows, reply to the forum at [EMAIL PROTECTED]
Thanks.
David Brauer
King Field - Ward 10
[EMAIL PROTECTED]
