For details on river run: http://www.ci.minneapolis.mn.us/council/2003-meetings/20030725/docs/02b-Rive r-Run-HRB-Application.pdf
Lets summarize MICAH's Action Alert: 1) Sherman and MICAH want $15.4M to develop 119 apartments. That is $129,412 per apartment. In today's market, it is EASY to purchase Mpls apartment buildings for under $60K/unit. 2) According to MICAH's claim, the apartments will be 20% "affordable" and "67% affordable to someone making 60% of MMI." The link above shows that the CHEAPEST 2br apartment in River Run is expected to be $925/month. That would require $37,000 of annual income (or $17.78/hour) to be "affordable." Is that the income segment which has critical housing needs? 3) Vacancy rates in the metro area have skyrocketed from ~2.0% to ~7.0% in a few years. There are currently THOUSANDS of empty 2 br rentals in the metro area that rent for < $700/month. Look in the Sunday paper to get an idea. 4) The neighborhood is against the development, so is CM Samuel. 5) The city is strapped for cash. I am considering issuing my own Action Alert! Yes, call your council members. Bill Cullen Whittier Landlord REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. ________________________________ 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
