OK then - yes, the Timberwolves & Arena Club pay real money totalling approximately $5 million in personal property taxes. At least that's what the Assessor's Office indicates. Please let us know of your success in getting copies of those cancelled checks. The MCDA does not receive these payments from the taxpayer.
Regarding CSM's office building, we sold them the land & have a redevelopment contract that calls for a sign being posted. Other parts of this project include housing, 20% of which will be affordable, structured & below-grade parking &, in the future, a new home for McPhail Center for the Arts. Yes, the MCDA has been involved in financing for these other components of the project, in the areas of pollution clean-up (funded mostly by grants from the State & Met Council), affordable housing, & parking (developer-paid tax increment financing, not MCDA money, funny or otherwise). This is already public information - all MCDA land sales are subject to neighborhood review, advertised public hearings, & along with financing is subject to review & approval by the MCDA Board/City Council; this project was approved in Dec. of '01. I assume your ongoing investigation will yield the additional details & conclusions you desire. I'm not directly involved in housing, so I won't attempt to address the Fannie Mae question. Bill Tetzlaff MCDA/Kingfield -----Original Message----- From: Victoria Heller [mailto:[EMAIL PROTECTED] Sent: Wednesday, June 18, 2003 6:54 AM To: Mpls Forum Subject: [Mpls] Real $$$ vs. Funny $$$ DT Target Brauer: "But Keith and Vickie aren't satisfied" Heller: Don't speak for me David - I'm still sleuthing. Brauer: ".....wishful thinking after the original accusation that Target Center delivers no taxes to the city proved to be baseless." Heller: What proof? I haven't seen any cancelled checks yet. MCDA/Tetzlaff: "Regarding the office building being constructed next to the Depot skating rink......the MCDA has no involvement in its financing." Heller: Why then, is there a large MCDA sign on the side of the building under construction? I'll report to the Mpls Forum when my investigation of these matters is complete, or when I encounter a stonewall. I have limited time available for this project - I'm busy watching Freddie Mac and Fannie Mae melt down on the stock market. Would someone from the MCDA explain what "credit enhanced by Fannie Mae" means - as it relates to the sale of municipal bonds. I noticed this phrase on Steve Minn's Stone Arch Apartment summary posted on the MCDA website, and of course Fannie Mae is one of two limited partners in the Riverside Plaza deal. Friday's Strib....National Business Briefs "Treasury chief urges closer Freddie Mac regulation: Treasury Secretary John Snow on Thursday urged tighter regulation of Freddie Mac, the home mortgage company under criminal investigation by federal prosecutors, and its larger sister in the mortgage market, Fannie Mae. Snow was the first member of the Bush administration to comment on Freddie Mac since the government-sponsored company shook up its top leadership Monday because of accounting problems. " Friday's Strib...... Critics have said for years that the two used their status to build financial houses of cards and to avoid full public disclosure about what they were up to. The critics, as diverse as Ralph Nader on the left and Republican Rep. Richard Baker of Louisiana on the right, had an "I-told-you-so" moment Monday when Freddie Mac announced the firing of its president over an accounting review and the abrupt resignations of its chairman-CEO and chief financial officer. A criminal investigation by federal prosecutors and a formal inquiry by the Securities and Exchange Commission were disclosed two days later. http://www.startribune.com/stories/671/3934909.html Vicky Heller, North Oaks TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) ________________________________ 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
