I agree with David Strand that it makes sense for the Park Board
to own rather than continue to pay rent forever on headquarters space. And
I also agree that this is "good debt" and current economic conditions make
it a good time to take on a mortgage.
But my question on this would be related to the process; we seem
to have done this backwards, starting with a piece of property and going
from there. I would have expected this have been done by the Park Board
first making the decision that they wanted to consider buying rather than
renting, then sending out a request for bids from owners of suitable
properties, considering those bids, and choosing the best one to purchase.
(In fact, I thought state law required that such purchases be made
thru an open bid process. After all, this is just office space, and could
be located anywhere in the city. It's not like buying park land, where
only a specific property will do.)
Can someone explain why the Park Board did not use an open bid
process? There might be even better bargains available in today's real
estate market.
Also what about using current property? Specifically the old Park
Superintendents' house, which they are currently renting out for office
space. Why couldn't they use that space for their own offices?
Tim Bonham, Ward 12, Standish-Ericsson
P.S. Can anyone tell me the actual street address of the property they are
considering?
>Message: 12
>Date: Sun, 18 Aug 2002 16:56:47 -0700 (PDT)
>From: David Strand <[EMAIL PROTECTED]>
>Subject: Re: [Mpls] Park Board Digs
>To: [EMAIL PROTECTED], [EMAIL PROTECTED]
>
>Though some have argued that now is not the time for
>this purchase the price of money
>currently(historically low interest rates) would
>indicate that there could not be a better time to
>switch from renting and take on a mortgage if you are
>able.
>. . .
>Therefore, the Park Board building purchase likely
>improves the collective financial footing of the city
>in the eyes of bond raters and others and should not
>be beaten down simply for being an additional debt
>burden. Remember, there's good debt and bad debt.
>Not all debt is created equal.
>
>Just a few thoughts,
>David Strand
>Loring Park
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