David Brauer wrote: "I don't think this is correct, if Vickie is referring to the use of the Hilton Fund to add monies to NRP above Common Project revenues (which are ongoing tax revenues after paying off debt, not debt)."
Vicky replies: Can you prove that the Hilton bonds (debts) were ever paid in full? I think that they were bunched in with a lot of other unpaid debts into the "Common Project." The "Common Project" is just a bunch of Tax Increment Districts that didn't, couldn't, or wouldn't, pay off their debts. They were bundled together into a big lump of debt and re-financed for twenty more years - robbing the general fund of $400 million. Once a tax increment district repays its debts, the property tax collections from that TIF district are supposed to flow into the general fund. The Common Project scheme simply kept money out of the general fund by continuing to divert it to the MCDA. In the case of Cedar-Riverside, it's been going on for 35 years. When I pay my property taxes, only 5% goes to the general fund. The other 95% goes to the MCDA. The money then gets passed from hand to hand until it finally disappears. If you can prove that the Hilton bonds were repaid - I will accept your theory. However, the "Hilton Fund" is just a savings account - cash that belongs to the taxpayers. The City Council obviously thinks that it is more important to fund NRP (for popularity no doubt) than to fund the Police Department. Until we elect some people with courage and financial discipline, our debts continue to grow and grow. So does the interest expense. And so do property taxes. Not very smart in the long run. 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, Un-subscribe, etc. at: http://e-democracy.org/mpls
