We could call ourselves the Minneapolis Forus Partnership. Jim Graham has a GREAT idea - if we can't beat them, let's join them.
Bank MCDA would lend us twice as much as we need, say $30 million. We would buy the 3 acre parcel for $2.3 million and hire ourselves to build a mixed-use structure. If we throw in a few "affordable" housing units, we will qualify for Federal money and reduced property taxes too. [Note: The Empire State Building in New York is built on a 2 acre parcel.] We can pay ourselves $3 or $4 million upfront in developer fees and another $3 or $4 million in construction supervisory fees. Then, we can pay ourselves property management fees, asset management fees, accounting fees, etc. for several years WITHOUT EVER making a payment on debt. We could form lots of "affiliates" to shove money into. Like the Snow Forus Corporation to plow our own lot at ten times the going rate. Like Snitch Forus Security Corporation to monitor the property at ten times the going rate. And so on and so on. After we've drained all of the possible cash from the project, we can default on the debt altogether. Here's what we'll say: "Oh dear, it just didn't work out the way we thought it would." This idea has great PROFIT potential. Who wants in? Vicky Heller North Oaks Cedar-Riverside, and soon..... Downtown Riverfront! Yippee! _______________________________________ 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
