Chris Beckwith wrote today: " I was in that area today and frankly, it's a little scary - and I'm talking about in the middle of the day. The encroaching blight doesn't exactly enhance the property's redevelopment appeal. East Lake Street really needs some help. It's clear from just a glance that the recession has hit this area of the city rather badly. It's looking pretty wretched."
On December 22nd, 2001 Steve Brandt wrote: "..the agency will pay STA Development Corp. $2.4 million for the property WITHOUT following through on a foreclosure action." On May 26th, 2002 Steve Brandt wrote: "The city has assumed a debt of about $7 million to Marquette Bank for its 1998 loan to STA Development Corp." I also remember reading that Ray Harris was paid around $750,000 to walk away from this deal. Does anyone wonder why the MCDA would bail Marquette Bank out of a default by assuming the $7 million loan? Does anyone wonder why the MCDA would pay the defaulting party $2.4 million? Does anyone wonder why the MCDA wants to own this piece of real estate (using your money of course)? As far as upkeep is concerned, the MCDA has an $8.2 million annual payroll. There should be enough money in that budget to maintain the property. If a private party owned it, the MCDA would condemn it as a nuisance property and obtain title for free. Does anyone wonder why they didn't do that? Posted by: Vicky Heller (Remember - a phone call a day drives the bad guys away) North Oaks Cedar-Riverside Property Owner _______________________________________ 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
