We need a new "truth in lending" law that mandates that MCDA disclose the
true costs of developments receiving a public subsidy - including all
"hidden subsidies" that are not reflected in what MCDA is going to receive
in revenue from the developer.
Gene Martinez
Minnehaha, Ward 12
-----Original Message-----
From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of
Russell W Peterson
Sent: Monday, June 04, 2001 9:34 AM
To: [EMAIL PROTECTED]
Subject: RE: [Mpls] Comments on MCDA's financial projection
Steve said:
<The facts depend on your perspective. <Target builds stores
<all over the country financing it's <own parking facilities.
Just because it is a public asset <doesn't mean it wasn't a
<subsidy. Parking at this level is a <requirement of their
<business and as such should be an <expense they bear
<directly. And I believe a huge b<uilding was moved from
<Block E in order to attract "a full <block development."
<Thus there were public investments in <the Block E hotel.
<Just because the line item on the ><spreadsheet isn't
<attributed directly to the <"footprint" of a building,
<doesn't mean that there wasn't <expenses attributed to that
<building. This is where citizens need <to be smart and
<resist the pressure of developers who <love to line their
<pockets with taxpayers money - and not <just downtown - that
<huge investment at 50th and France is <just as bad.
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_______________________________________
Minneapolis Issues Forum - Minnesota E-Democracy
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