> Mel Gregerson has posted about the cost per unit of some of the housing
> being built by non-profit agencies. He has quoted at total cost of
> $250,000 per unit as an example.
>
> Here in Saint Paul, a developer has proposed that his Shepard-Davern
> development include 460 housing units (about 92 affordable), a 106 room
> hotel and 16,000 square feet of commercial space. The figures seem
> interesting. Total cost is $100 million, of which $16 million is to
> acquire and prepare the land, which leaves $84 million for all of the
rest.
>
> Assuming that the hotel and commercial space account for $20 million
> (willing to hear from those who know how much these cost), that would
leave
> $64 million for the 460 units. Average cost would be $139 thousand,
> with a spread based of the size and other amenities of the unit. The
> developer is asking for a $6.7 million subsidy for the 92 units, which
> works out to $72 thousand each.
>
> Bruce Gaarder
> Highland Park Saint Paul
Let's see if I have this right.
Let's assume that the 100 mil cash for this deal is all private sector. We
should never do that ;o)
The 72k per unit subsidy. That's a chip in by the taxpayer to build these
units. You the taxpayer do not own it.
I AM SAYING HERE NOW PUBLICLY. THE CITY CAN BUY MY 34 UNITS FOR 60K apiece.
They rent from $580-680. per month. They can house 34 families or limited
income individuals. MPHA can own and operate it. Realize the gain of the
value. Spread out their housing clients. Etc. All for less then the
subsidy on the aforementioned project.
Folks, I've bit my tongue for quite a while on this subject. You the
taxpayer are getting robbed. Wake up. The library board did. Now it's time
to for the rest of us to wise up. The non-profit model is proving to be an
unmitigated waste of extraordinary amount of precious revenues.
We could have that many more ESL instructors. We could have that many more
worthy projects. We could have law enforcement to the point that people in
Phillips or Jordan would respond 70% positive on the survey of neighborhood
likeability.
Craig Miller
Former Fultonite
[EMAIL PROTECTED]
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