There was an article in todays Strib about building a parking garage for the Walker Art Center.
Very entertaining! I wish I had been there for the committee hearing but it's getting harder to make all the meetings I would like to. I would like to see a comparative analysis between the Walker parking deal and the development deal that just passed through Community Development for Parcel "C" next to the Milwaukee Depot. In one we build a ramp, pay for it by selling bonds and paying them off over 25 years, but garner revenue for the parking fund and at the end we own a ramp free and clear. In the other deal we put out $3.28 million for a TIF so that CSM can build a development including a parking ramp(which is really what the lion's share of the TIF goes for) but they own the ramp. There is a lot more to the deal. The city get $320K for its Affordable Housing fund and the developer is let off the hook of having to convert market rate units in another project to AH units. Aside: Our people aware that the city does not require a developer to set aside the required 20% AH units in the same unit but can do them in other locations. Five members of the Planning Commission did not know that on November 5th, 2001 even though this change to the city's Affordable Housing Resolution took place in February 2001? As one Planning Commission member pointed out this works against the whole tenet of not concentrating like economic classes in one area. Finish aside The developer gets the whole block and will build an office building with 138,000 sq.ft. of which they will occupy 40,000 sq.ft and another 25,000 through their house architects. On one corner of the property will be 22 two-story living units stacked one atop the other to match the Residence Inn on the next block. One corner of the property will house MacPhail School though this is contingent on them raising enough money by a certain time. If they fail the developer has first option on the property. This looks like a great deal for the developer. The upside for the city which MCDA, the Mayor and the Council President will be quick to point out is that it increases the tax base, brings jobs to the city from St.Paul(about 400),etc. This should be one of those deals our new Mayor should be able to take a crack at. He told us he would put down the checkbook and pick up the phone. Was the TIF necessary on this deal? Does it fit the "but for" test? I read where one pol said some recent deal did not pass the smell test. This might have the same aroma to it. The deal comes before the Ways and Means Committee on Monday. I'm looking to Barret Lane to say why this deal is any better than the Walker parking ramp? If he can't I think both of these deals ought to be held over for the new Council and the new Mayor to get their feet wet on. Tim Connolly Ward 7 __________________________________________________ Do You Yahoo!? Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month. http://geocities.yahoo.com/ps/info1 _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
