Rochelle Olson wrote in today's StarTribune: The city also has two remaining loans to Brookfield, including a 1987 deal on the "north parcel" of Gaviidae that gave Brookfield $7.5 million. The total loan balance, $17.4 million (including principal and interest), is due Sept. 30.
The city doesn't expect to see that money, but is unable to seize the property because a Brookfield affiliate holds the primary mortgage of $30 million on the building that is currently valued at $7 million. Translation for the mathematically challenged: In 1987 the "north parcel" of Gaviidae was worth at least $37.5 million ($30 million first mortgage to an "affiliate" of Brookfield, plus the $7.5 million second mortgage that "we" gave them. In 2002 the building is worth $7 million. That reflects an 81% drop in value. Hmmmmmm...... Questions for the MCDA....... Who valued the building currently at $7 million? The tax assessor? A Brookfield affiliate? An MCDA appraiser? Where's the appraisal? Who valued the building in 1987 to support $37.5 million worth of debt? Where's the appraisal? Who is the Brookfield "affiliate" that holds the 1st mortgage? Why has other downtown real estate, including mine, doubled in "taxable market value" over the past FIVE years? If this isn't FRAUD, we can all expect 15 years worth of very large property tax refunds from the City of Minneapolis. Too bad the FBI is busy with life and death issues right now. Wait a minute, I'll bet the IRS would like to take a close look at this one. Gotta run. Vicky Heller, North Oaks Rochelle Olson's entire story is at http://www.startribune.com/stories/462/2848711.html _______________________________________ 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
