Stephen Jester wonders: This has been three years running that we raise taxes and cut the city budget, so all I really want to know is where in the heck is all our tax money going to.
Vicky Heller replies: We will have to audit the MCDA and all of the real estate developers who obtained financing through the MCDA to find out where all of the money went (note past tense.) We taxpayers are now saddled with over $1 billion in DEBTS, plus the ongoing costs of running the City government. In the year 2000, we paid $97,997,000.00 for debt service alone. I know where some of the money went: The developer of Symphony Place and Seven Corners Apartments bought a yacht and moved to Naples Florida (he paid himself $17,000 per unit in "developers fees" for arranging the financing for Symphony Place. We're still paying the debts he left us with. Then there's our newest bad debt Brookfield Properties, along with many, many more in between. What did we get in return for this oppressive financial burden? Lots of riverfront housing for rich people. An ice skating rink. Neiman-Marcus and Saks 5th Avenue. A Hard Rock Cafe. The Radisson Hotel got $20 million, but it was already built, so we didn't get anything new for that money (I still don't understand why we would do such a thing.) Was it worth it? Only the voters can decide. But how can they decide if no one tells them what's really going on? Based on my own experience, getting the truth in this City requires a Herculean effort and a Court Order. Not many voters have enough time or money to get the information they need to make informed decisions. If anyone is inclined to apply logic to the situation, consider these facts: Minneapolis has 19% of the taxable real estate in Minnesota, but only 11% of the population. 120,000 fewer people live in Minneapolis than did 50 years ago. Your property taxes will double over the next 8 years (possibly sooner.) Not good for affordability or property values. The answer to Stephen's question is really pretty simple. Who got the money? The politically connected people got the money. That's what happens in a one party town. The rest of us eventually pack up and leave (think Detroit.) There is good news though - over 97% of our great country is undeveloped land - with lots of investment and settlement potential. Vicky Heller Working in Cedar-Riverside (for the short term) Living in North Oaks (where the taxes are low and the water is free) _______________________________________ 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
