This thread has crossed the line from "investigative journalism" into the
realm of "witch-hunt." Why are you getting so stiff over the details of
an affordable housing development?
I think Steve Minn provided enough financial detail about his project so
that a layman can make sense of it--how much the developer put in, how
much public subsidy is involved, what is the city's participation. Bob
Cooper provided the link to the staff report. What else do you need to
know? I know that I would not be too pleased if the subsidized housing
critics on this list insisted on going over my tax returns or the books of
my business. Of course, I'm not doing a publically subsidized
development. However, and this brings up a point that I have made before
on this list, but has never been addressed by the group of subsidized
housing critics. The point was well made by John Rocker who did a very
good job of outlining the housing subsidy programs that the MCDA and
developers like Steve Minn use. I might add that nonprofit developers use
them too. These are tools that are available through the US FEDERAL TAX
CODE. Let me repeat: The US Federal Tax Code. These development projects
are not some type of nefarious conspiracy cooked up bad actors to rob the
taxpayers and to deprive the owner/operators of rental housing of their
livlihood. Reading some of the comments on this list, and especially
the comments from the subsidized housing critics, you would think that
this is in fact the case.
If you don't like the formula and the tools, then go to the source. That
is the US House of Representatives and the Senate. Go to the Treasury
Department. Don't hold the city responsible for sponsering subsidized
housing and then blame it's development agency because they implement the
only tools available to them. Don't blame the developers who come to the
city to get access to the tools. The subsidized housing critics on this
list have a point that there may be "preferred" developers that are
politically connected. These deals need to be examined in the blue sky so
that we don't get the excessive subsidies and abuses that we have just
incurred. The arguments made by the subsidized critics on this list are
starting to sound like a liturgy to me, and it is slightly off-key to hear
it sung by the people who brought us Cedar Riverside.
To sum up: * Don't put the city into a double-bind
* Recognize the source of the subsidies
* If you think that something is not kosher, then go to a
higher authority.
David Wilson
Loring Park
On Mon, 21 Oct 2002, Victoria Heller wrote:
> Thanks to Mr. Minn and Mr. Cooper for providing PRELIMINARY data.
>
> Where might we find the ACTUAL data?
>
> Mr. Minn states that "State law provides me complete financial
> confidentiality until the project is complete." Really? I'll have to check
> into that.
>
> On Sunday, Mr. Minn wrote "Our cash of $2+ million went into the project
> early ...when we bought the land almost a year ago." I just checked the
> land values through the Hennepin County website - the three parcels'
> assessed market values total only $536,800. According to the MCDA report,
> the site has roughly 143,000 square feet. The current land value therefore
> is $3.75 per square foot.
>
> If Mr. Minn really paid $2 million for the land almost a year ago, he
> forgot to tell the tax assessor and Minneapolis is getting cheated.
> The MCDA preliminary uses of funds simply says "Acquisition - $2,200,000."
>
> Since no one else ever questions these things, I'll have to do it - one
> item at a time. Getting the truth out of these guys is like pulling teeth.
> Why is that?
>
> The first item to audit is the Land/Acquisition for $2+ million. Even with
> all of "words" we have received from Mr. Minn, we still don't know:
>
> 1. Who bought the land? When?
> 2. From whom did they buy the land?
> 3. How much did they pay for the land?
> 4. Why doesn't the assessor know about the purchase of land?
> 5. Depending on the cost of the land, what happened to the rest of the $2+
> million?
>
> According to Hennepin County, the current owner of all three parcels is
>
> MPLS STONE ARCH PARTNERS
> C/O WALL COMPANIES
> 811 LASALLE AVE
> MPLS MN 55402
>
> 6. Who/what is "The Wall Companies?" I have submitted an inquiry to
> the Secretary of State.
>
> As soon as I have gotten the TRUTH about the $2+ million
> "acquisition," I'll move on to - "Construction $22,282,739."
>
> This post will be the first in a series - a very enlightening series
> for everyone. As we dissect each number, don't forget the big picture:
> Minneapolis is NOT addressing an affordable housing problem with this
> $32,827,513.00 boondoggle.
>
>
> Vicky Heller
> North Oaks and Cedar-Riverside
>
>
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>
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