Ronald writes: I'm so glad I live in a community that takes my hard earned dollars in the form of taxes and help the rich to get housing in the city. Now if MCDA could manage to help build housing for those of us not in the market for high end condos like Grant Park. Many of us make less than the median income in this city and would like to remain living in the city, but are being priced out. Since were not below 50% of median were not low enough income to qualify for any programs to build housing for us. The middle people get squeezed out again.
Nick Responds: I completely appreciate your concern. The city definitely need to make sure the investments are the right ones. Interestingly though, Grant Park for example received NRP money also. The Elliott Park neighborhood has been very poor for a long time and the neighborhood association wants market-rate housing and felt it was a good investment to put NRP money into. So a poor neighborhood is voluntarily putting money toward mid to high end condos (160k-400K if I am not mistaken) It probably is a good investment but only time will tell - For example Grant Park should generate some $640K in property taxes per year ($2,000 per 320 units as an estimate) and obviously that number will increase just like the rest of our property tax bills. That is more than enough to cover the $7.3 million in TIF directly. Having an additional 500-600 people in the neighborhood should also spur private business development and other housing that will also increase the tax base near the site. So the net impact of the TIF will hopefully increase the overall tax receipts to the city in excess of debt service costs. This excess can then be used to offset increases in real estate taxes on more moderate valued properties or increase services. Assuming the increase in property tax revenues in the TIF district exceeds the TIF debt service, AND the project would not occur without the TIF funding do to pollution mitigation, site assembly being preventatively high, risk of building a project of that scope in a neighborhood that is poor, etc., then the city should invest. I don't know enough about the other projects to say if this is definitively the case but for Grant Park it appears that it is. I'd be interested in your thoughts on this. Sincerely, Nick Frank North Loop This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law. If you are not the intended recipient, you should delete this message. Any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited. TEMPORARY REMINDER: 1. Send all posts in plain-text format. 2. Cut as much of the post you're responding to as possible. ________________________________ 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
