[Mpls] Minneapolis already owes $1,739,954,000 ($1.7 Billion)

[Victoria Heller]

This of course is BEFORE all of the downtown defaults beginning to rear their ugly heads (City Center, Target Center, etc.)  You see, when the MCDA arranges financing for the multi-millionaire developers, repayment of those debts is optional - because of course the taxpayers have co-signed all of the mortgages.   If Minneapolis residents had any idea how much they will have to pay in property taxes over the next few years, there would be a mass exodus.  The flight from oppressive taxation has in fact begun.  What people refer to as "white flight" is really the avoidance of goofy government and its corresponding costs.    Dean Zimmerman mentioned on television last week that Minneapolis has 11% of the State's population, but ALREADY pays 19% of the tax burden.   Commercial property taxes in Minneapolis are already four times higher than San Francisco ($8.73 vs. $2.38 per square foot, year 2000.)   The per capita income in Minneapolis has dropped from $24,000 to $17,000 since 1998.   If Standard and Poors used the correct number to calculate our allowable debt load (Tax Capacity rather than Assessed Market Value) - the Minneapolis Bond rating would drop like a rock.   Can anyone out there do arithmetic?  These numbers came from the City's own financial reports and StarTribune articles.   I wouldn't waste much time discussing a Stadium - or anything else.  THE MONEY IS GONE - AND THEN SOME!   Victoria Heller 2nd Ward Property Owner (Temporarily - I'm voting with my feet)