Owner, with public aid, profits on North Side lot Steve Brandt Star Tribune Published Dec. 27, 2002
The vacant lot on the North Side of Minneapolis sat unwanted for five years after it was forfeited for back taxes. So Hennepin County was glad to unload it in 1997 for $469. The buyer, the North Side Economic Development Council (NEDC), was a fledgling nonprofit organization that soon would come under fire for a number of problems, including using its public money to buy property. Early in 2000, the NEDC unloaded the residential lot at 1504 Irving Av. N. for the same price to James L. Stroud Jr., who until a few months before sat on its board of directors. Stroud sold the lot this year for $17,000, or 36 times what he paid for it. A case of government-assisted land speculation? Or just the NEDC's economic development strategy gone awry? http://www.startribune.com/stories/462/3557101.html Shawn Lewis, Field Neighborhood -- _______________________________________________ Sign-up for your own FREE Personalized E-mail at Mail.com http://www.mail.com/?sr=signup Meet Singles http://corp.mail.com/lavalife _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
