TIF Financing allows developers to acquire millions of dollars worth of real estate - for free! Actually, it's better than free because they pay themselves handsomely while using our money to pay their debts.
What does a developer actually do? Arranges the financing and selects a general contractor to build the project (sometimes the developer selects himself - for more fees.) The rationale for doing this is that "someday we'll get more taxes." Maybe yes, maybe no: That will depend on the general economy, market conditions, the legislature, etc. It hasn't worked out very well - so far anyway. In Minneapolis, the public debt is growing faster than the "more taxes" part. Right now, a bunch of these unidentified "developers" owe the MCDA/City $178 million in "loans" - over and above their permanent public financing. Does anyone else wonder who got the money? Anyone care? How about collecting it? Who is minding the store? Spending other peoples' money is NOT a virtue. Taking other peoples' money for oneself is reprehensible, but not illegal - if you use the government to get it for you. Happy New Year! Vicky Heller St. Paul _______________________________________ 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
