A few questions about the 3 projects you mentioned:
100+ units planned for going up at the corner of Franklin and Portland
76 units very likely going up on Franklin and 15th Avenue
900 units going up over at Near North (now called "Heritage Park")
What is the total amount of the public subsidy (including financing) for
each project?
Are the taxpayers of Minneapolis on the hook for any debt?
Who is the developer for each project?
How much cash is each developer contributing from his/her own pocket to each
development?
How much is each developer paying him/herself in "developer fees?"
How much is the MCDA receiving in "administrative and bond related fees?"
Who will actually end up owning these multi-million dollar properties?
Who will manage each project and receive management fees? How much each
year?
What are the total construction costs per unit? 1BR, 2BR, 3BR, etc.?
Was eminent domain used to take private property from others for the benefit
of the developers?
How much did the developers pay for the land? To whom?
How much rent will be charged for each unit? 1BR, 2BR, 3BR, etc?
Will the Federal government be paying any of the rent to the developer?
What happens if the developer cannot find enough tenants willing or able to
pay the rent?
Will tax increment financing be used in any of the projects?
In what year will any increased property tax receipts be realized? By how
much?
If you would be kind enough to furnish these answers, our list members would
be able to respond to your question about whether or not these projects make
sense.
Vicky Heller
St. Paul
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