The land under the Target Center cannot possibly be worth $95.00 per foot
if the "market value" of riverfront land (Guthrie) is $6.79.
An example of a "lie" is the MCDA telling the public that $6.79 is a "fair
market value" for riverfront land, knowing perfectly well they had just
paid $50.00 per foot for Target land. That was an outright lie - does
anyone care? Why would Steve Cramer say such a thing?
Another example: Two years ago, the MCDA tried to sell the land under
Riverside Plaza to George Sherman for $6.00 per foot (and forgive $1.4
million of delinquent land rent.) The same year, an appraiser for the
MCDA valued my adjacent land at $18 per foot. Go figure!
My message is that land values are arbitrary, make no sense, and are
unfair - especially for commercial and apartment properties. An
enterprising journalist would take a look at recent condemnation awards and
compare how much the City PAYS for land with how much the City GETS for
land. (A few months ago, the MCDA offered to sell the West Bank Community
Development Corporation more than 100 parcels at $1 each.) Remember, each
time the City takes a loss - it comes out of your hide.
Not only is the City the easiest BANK to get money from, but it is also the
ONLY BROKER available for investment real estate. Who protects the rest of
us when the government IS THE BIGGEST BULLY ON THE BLOCK?
Here are the other two Minneapolis Issues links:
Neal St. Anthony on the office space glut (yesterday's Strib)
-falling rents lead to lower property values
http://www.startribune.com/stories/1069/3351077.html
Rochelle Olson's article (today's Strib) about Court decision
calling City acts"arbitrary and capricious."
http://www.startribune.com/stories/462/3353480.html
Vicky Heller
North Oaks and Cedar-Riverside
_______________________________________
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
