I believe you have earned your money on this one
Mr. Harstad. I also believe you may have been a little
creative with the history of who came to whom, and asked
what, which originated Sherman's involvement in the project.
I do not remember you being at Lo's restaurant, with all
of us and Lisa McDonald, when Sherman first became
involved, so we will allow you a little "Negotiated Reality".
Such "negotiated" reality is not uncommon with history,
so it is permissible, but your company should be a little
more up front about the level of public subsidy the
project will require. I do not argue that the project will be
beneficial, I simply ask that Sherman Associates be up
front and truthful about the level of subsidy from public
dollars.
The past City Council and Mayor could get away with
stretching the truth from a few million to 30 million to
60 million, to perhaps 90 million dollars of subsidy for
such projects as "Target", but public scrutiny and
campaign promises from the present city government
will make this a little more difficult. If you, and they, are
not completely forthcoming about the true amount of
public subsidy the project will take, perhaps we should
hold you legally libel, and them politically libel.
As one of the people who originally conceived of this
project with Hung Tran (I originally drew it on the back
of a place mat for Martin Sabo at the lunch counter in
Butler Drug five years ago) and "brought" the
project to Sherman through Dean Dovolis of DJR, I do
have some background knowledge of the project.
Just tell the truth about how much public money will be
needed, what ever the source, and let the public decide
if they want to pick up the tab. Statements like "rundown
of the pro forma is outside the scope of this forum, but I'd
be happy to share it with anyone off list" make me suspicious.
( [DH] Not true. Not only does Sherman have numbers
that work, the numbers work without significant
subsidy. A rundown of the pro forma is outside
the scope of this forum, but I'd be happy to share
it with anyone off list.)
Why not just say what it will actually cost in public subsidy.
$20 million? 30 million? We do not need to see a performa
to understand what the total public cost is. When I was
introducing the project to Paul Ostrow over lunch a couple of
years ago, I believe the figure was approaching $20 million.
There is more housing and less retail now, so what could have
reduced the "Public Cost"? Did K-Mart agree to sell out
for less? Are your anchor tenants going to kick in a greater
amount? Is Sherman Associates willing to pick up a greater
amount of the investment dollars? Do you have another
partner willing to invest its own dollars?
Not that we don't mostly support re-opening Nicollet, (I ran
on the issue and beat up on Jim Niland about it five years
ago), but these are important questions the answers to
which "Inquiring Minds Would Like To Know".
Jim Graham,
Ventura Village
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