"Target Center has trouble Paying it's Debt." They state the reason is too much competition from other centers and the loss of convention bookings to Xcel Center in St. Paul. This also is happening to private-for-profit affordable housing providers.
These housing providers are concerned about non-profits who spend $120,000 to $255,000 per apartment to build $55,000 to $70,000 apt. units. This wasteful, unneeded, spending increases their vacancies and increases the taxes they must collect from remaining residents. Hopefully these examples will make officials realize the catastrophic harm they cause when they approve unneeded projects costing 2 to 4.5 times more than required. Example: $1050.62 Monthly Dollars are needed just to pay the principal and interest on their $150,000.00 6.9%, 25-year loan. Taxpaying apt. owners are having trouble renting similar apts. for $595.00 with all expenses and taxes paid. $595.00 with expenses paid vs. $1050.62 without expenses paid. "RED ALERT WARNING" Mel Gregerson, CAPS Whittier _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
