Lisa is correct. Allina is both a non-profit and a for-profit. The ramp will be approximately 25% tax-paying and their corporate structure will be fully taxable. MDI is currently a non-profit and it is probably safe to assume that they will retain their non-profit status for tax purposes once they own their own space. The answers to David Brauer's questions about job creation and tax value on the remainder of the site will have to wait for the selection of a new developer, and an evaluation of that developer's pro-forma and overall concept and market analysis. The creation of good jobs that are available to residents of the surrounding neighborhoods remains a key development objective for the MCDA. Robert Cooper Minneapolis Community Development Agency Community Outreach Department 155-5th Avenue South Minneapolis, MN 55401 voice: (612) 673-5239 fax: (612) 673-5259 web: http://www.mcda.org -----Original Message----- From: List Manager [mailto:[EMAIL PROTECTED]] Sent: Friday, March 09, 2001 10:45 AM To: Mpls list Subject: FW: [Mpls] Sears Site Bailout [Forwarded on behalf of list member Lisa McDonald. - David Brauer, list manager] Harris made a small profit on the sites to the east the City bought. Trust me it was cheaper than condemning them. Allina will pay taxes but MDI won't. Lisa McDonald Tenth Ward Council Member > -----Original Message----- > From: List Manager [SMTP:[EMAIL PROTECTED]] > Sent: Friday, March 09, 2001 8:27 AM > To: Mpls list > Subject: RE: [Mpls] Sears Site Bailout > > The Strib story on the Sears site is here: > > http://www.startribune.com/stOnLine/cgi-bin/article?thisStory=83744301 > <snip> > The other $700,000 is to buy back miscellaneous parcels Harris and his > partner acquired to round out the Sears site. No word in the story if they > made a profit on this part of the deal. > > Two big remaining questions are: how much the new redevelopment plan will > produce in property taxes (I believe MDI and Allina, the two likeliest > tenants for two of the three parcels, are non-profit), and how many local > jobs will be created (the reason the MCDA got mixed up in this in the > first > place)? > > David Brauer > List manager, Minneapolis-issues _______________________________________________ Minneapolis Issues Forum - Minnesota E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls _______________________________________________ Minneapolis Issues Forum - Minnesota E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
