Below is a news release from the Minneapolis Community Development Agency.
I apologize for the two-day delay in posting this release.
The Minneapolis Issues Forum is in the MCDA distribution database and we
general post news releases on the day of release.
In this case, however, I neglected to change the database to include the new
Issues Forum e-mail address.
Thank you David Brauer for bringing that to my attention.
Alicia Scott
Minneapolis Community Development Agency
Public Information
Crown Roller Mill, Suite 200
Mpls., MN 55401-2534
(612) 673-5015 - phone
(612) 673-5293 - fax
mailto:[EMAIL PROTECTED]
http://www.mcda.org
News Release
January 16, 2001 Contacts:
Alicia Scott, MCDA Public Information
FOR IMMEDIATE RELEASE (612) 673-5015
TTY: (612) 673-5154
Douglas Kline,
Brookfield Properties
(612) 337-6675
MCDA /BROOKFIELD DISCUSS LOAN PREPAYMENT
(Minneapolis, MN) - The Minneapolis Community Development Agency (MCDA) and
Brookfield Properties (US) LLC are discussing and evaluating the possibility
of an early loan prepayment on a series of loans the MCDA made to Brookfield
in 1987 and 1991.
The loans were made to facilitate the development and construction in
Downtown Minneapolis of Gaviidae I - Saks 5th Avenue (two loans) in 1987 and
Gaviidae II - Neiman Marcus (one loan) in 1991. The two Saks loans total
$14.5 million and the Neiman Marcus loan totals $15 million. The loans
mature in 2002 and 2009 respectively. The terms of these loans do not
require current payments to the City and in some cases subordinate to
project mortgages.
The purpose of the prepayment would be to consolidate the three separate
loans, eliminate any potential risk or uncertainty of future repayment and,
perhaps, recycle some of the loan repayment proceeds for the build-out
(interior leasehold improvements) of new retail lease space currently owned
and managed by Brookfield in Downtown Minneapolis.
"While these loans are not under threat of default, accepting an early
package settlement will ensure repayment and will increase the immediate
financial resources available to the City of Minneapolis for other
development uses," says Steve Cramer, Executive Director of the MCDA.
"Brookfield Properties has been a consistent and valuable partner, and we
look forward to continuing these negotiations and to Brookfield's continued
partnership with the City."
Any repayment package agreed to by the MCDA and Brookfield will be subject
to final approval by the MCDA Board of Commissioners - the Minneapolis City
Council.
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