If you drive by the proposed "new digs" at 2117 West River Road N, you will see a two story industrial building in a sad state of repair.
Next door is Broadway Pizza, 2025 West River Road N. On the other side are two buildings: Doyle Lock at 2201 and Star Press at 2225. I looked up the 2002 property tax valuations and tax bills for these 4 properties. Here they are: 2117 (Moore Business Forms - New Digs) Valuation: $2,360,000 Property Taxes: $98,823 2025 (Broadway Pizza) Valuation: $743,000 Property Taxes: $30,045 2201 (Doyle) Valuation: $605,000 Property Taxes: $24,175 2225 (Star Press) Valuation: $532,000 Property Taxes: $21,070. Brian Rice said that the "appraised value" of 2117 is $3.3 to $3.4 million. Hmmmmm.....must have used the City Center appraiser. Having been in the real estate business for over 30 years, I can assure Mr. Rice and the Park Board that no one in their right mind would pay $3 million for that property at this point in time. Commercial property values are dropping like a rock. Mr. Rice also said that "he believes" the City assessor carries a value on it of $3.2 million. Wrong Mr. Rice: It's $2.3 million - and falling. As a comparison, I looked at a nice office building on the edge of the loop - 825 S 8th Street. This property has two towers, one with 5 stories and one with 12 stories. It sold last year (in the midst of the real estate frenzy) for $3.06 million. It took me about 10 minutes to do my little exercise in due diligence. If the Park Board thinks it's getting a good deal - we've got a serious competence problem. On the other hand, I've got about 4 acres of incredible land on the West Bank - with breathtaking views of Downtown Minneapolis. I'd be delighted to sell it to the Park Board - for say $10 million! Let's make a deal: That way, Moore Business Forms and I can laugh all the way to the bank together. One more note: Renting office space is smart during times of declining market values. Buying office space is smart at the bottom of a cycle - not at the top. Vicky Heller Cedar-Riverside (Work) North Oaks (Home) _______________________________________ 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
