Has anyone disclosed how much McCafferty is paying himself in "developer's fees?" And what about the ongoing "property management fees?" And then the recurring "asset management fees?" And so on and so on.
Has anyone disclosed how much the MCDA is paying itself in "underwriting, administrative, and bond fees?" A project that should cost $20 million, ends up costing $30 million because of the upfront greed fees. All of these fees are piled into the debt - and then later, everyone wonders why the project can't pay its bills. How much CASH is McCafferty contributing to the project - after all, he'll end up owning the real estate (probably in the form of a limited partnership with a corporate general partner.) How about telling the taxpayers the whole truth and nothing but the truth. Let's see the entire financial pitch that McCafferty submitted to the MCDA. Since the taxpayers are co-signing the mortgage on this overpriced project, we should be entitled to FULL DISCLOSURE. Vicky Heller North Oaks Mpls Property Owner and Taxpayer _______________________________________ 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
