T H E M I N N E A P O L I S O B S E R V E R A Weekly Digest of All Things Minneapolitan www.mplsobserver.com Vol. 2, No. 12 October 28, 2002
This is a preview issue of The Observer. To check out the full-text edition, go to www.mplsobserver.com. If you're interested in subscribing, just hit 'reply' and state your interest and we'll set you up. Thanks. ********************************************************** THIS WEEK IN THE OBSERVER: * City Will Borrow Money to Pay Pensions * New Park Board Foundation Will Seek Larger Gifts * Mortgage Discrimination Remains Alive and Well * Beat Legend Ferlinghetti Highlights Poetry Festival * Borders Staff Votes to Join Union Plus: Bette Davis as Phyllis Kahn, garage logic, talking to the Vikings, and the Wellstone legacy ********************************************************* IT'S OFFICIAL: CITY WILL BORROW MONEY TO PAY PENSIONS For the first time in its history, the city next month will sell bonds to raise money to cover its pension fund obligations. As Scott Smith reports in The Business Journal (www.twincities.bizjournals.com), the city will borrow $35 million this year and $130 million over the next five to six years to erase deficits in two of its retirement funds: the Minneapolis Employees Retirement Fund and the Minneapolis Police Relief Association. The move, made necessary by poor investment returns and an unexpected rise in the number of retirees, will allow the Council to hold the increase in 2003 property taxes to 8 percent, rather than the estimated 32 percent increase necessary to fund the pension plans without borrowing. NEW PARK BOARD FOUNDATION WILL TRY TO ATTRACT LARGER GIFTS The Park Board earlier this month approved a proposal that would create a new foundation designed to attract major financial gifts for city parks, perhaps in return for naming rights. STUDY SHOWS MORTGAGE DISCRIMINATION ALIVE AND WELL IN TWIN CITIES The Twin Cities ranks as the 13th-worst metropolitan area in the country for mortgage discrimination, according to a new study by the Association of Community Organizations for Reform Now (ACORN). BEAT LEGEND FERLINGHETTI HIGHLIGHTS POETRY FESTIVAL Venerable Beat poet Lawrence Ferlinghetti highlighted the first Minnesota Poetry Festival October 18-19 at the Ted Mann Concert Hall. BORDERS STAFF VOTES TO JOIN UNION By a vote of 15 to 6, employees at the Borders Bookshop in Uptown on October 18 became the nation's first Borders staff to unionize. ********************************************************** The Minneapolis Observer is published 48 times/year by Independent Media, L.L.C. �2002 Independent Media, 4152 Snelling Ave., Minneapolis, MN 55406; www.mplsobserver.com. No part of this publication may be reprinted without the permission of Independent Media. Subscriptions: $12/yr. To unsubscribe, send us an e-mail ([EMAIL PROTECTED]) and we'll get you off the list and refund the unused portion of your subscription. Editor: Craig Cox Deputy Assistant Senior Executive Editor: Sharon Parker Contributing writers: Chris Dodge, Leo Mezzrow Online technical assistance: Christopher Pollard Equine consultant and correspondent: Nora Cox Perspective: Martin Cox Thanks to: Karl Roe ******************************************************* Fight media consolidation! Support the independent press! Pick up your neighborhood newspaper! ******************************************************* _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:mpls@;mnforum.org Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
