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MILLIONS IN SUBSIDIES
From: Chris Johnson <[EMAIL PROTECTED]> Re: [Mpls] Millions in subsidies
for the homeful Fri, 05 Dec 2003 16:48:49 -0600 (In Part)
From Steve Brandt's article in yesterday's Strib:
"The city provided several million dollars in up-front assistance
for the rehabilitation of two milling buildings and the construction of a
third between them.
Despite grossing $50 million in condominium sales from developing
three buildings overlooking St. Anthony Falls, a developer said it
probably hasn't made enough money to pay the city under a profit-sharing
deal.
The condos along S. 2nd Street in Minneapolis sold for a cumulative
total far higher than the $27 million that Brighton Development estimated
they would fetch before it broke ground in 1998. At least 10 units sold
for more than $1 million each, and one topped $3 million."
Link to the article:
http://www.startribune.com/stories/462/4245464.html
Chris says: I guess I need to take "new math" or "creative
accounting" or "greed ethics." The city was supposed to receive 25% of
any profits exceding $4.4 million. The sales were far higher than the
expected
$27 million, a number no doubt agreed to by the city as an amount that
would net the city some profit. And yet, despite exceding the no-doubt
optimistic forecasts, there is no money to pay the city its share?
Sounds like Brighton "lost money on paper" but made a fortune in
hard cash through the use of creative accounting. It's just another case
of the city giving away taxpayer money to favored developers.
COMMENTS/QUESTIONS:
When does suspected creative accounting become actionable in
criminal or civil court through the Hennipen County Attorney, Minnesota
Attorney General, or U.S. Attorney? Since the City of Minneapolis and
some of its officials could be either plaintiffs or a defendants in such
action, the City Attorney would have possible conflicts of interest. Can
tax payors initiate inquiries or action? Do they have to post a bond?
If there is actual malfeasance and not just sloppy or negligible
oversight, don't we have to do more than just complain about wasted tax
dollars? If it is just sloppy or negligible oversight, don't we need to
do more than just yell about the problem? What?
Thanks.
John O'Neal
Holland
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AIR POLLUTION ADVISORY:
From: "Don Jorovsky" <[EMAIL PROTECTED]> Re: [Mpls] Air Pollution
Advisory Date: Fri, 5 Dec 2003 20:17:20 -0600 (In Part)
- - - Russell's notice this afternoon about the Pollution advisory for
the Twin Cities should get us to sit up and take notice!!!
It says that some of the pollution came in from out of town via the
winds, but a lot of it was generated locally. - - -
- - - the proposal to convert the Riverside Plant in Minneapolis (which
generates locally used electricity) from coal to natural gas. - - -
It's controversial because natural gas costs more than coal -- but
this pollution alert reminds us that we need to factor in all the
additional costs to coal, such as health costs.
By the way, these alerts aren't so unusual. We like to think we're a
clean air region, but we're not any more. - - -
Excerpt of message from: Russell Raczkowski (Bancroft) Friday, December
5, 2003
- - - Health precautions: "Sensitive groups" include those with heart
or lung disease (including asthma), adults over 50, and healthy adults
and children engaged in heavy exercise. These individuals should postpone
or reduce heavy or prolonged exertion (play shorter games, rotate players
more frequently, walk instead of run).
Although some of today's air pollution is blowing in from other
states, it is important for us to reduce additional contributions to the
problem.
* Reduce vehicle exhaust, which contains fine particles, by driving less
today.
* Postpone work with small engines.
* Postpone campfires or other fires that produce soot or fine particles.
- - -
COMMENT/QUESTIONS:
I may have missed the information, but I did not see the health
alert on evening news. This is certainly as important to public safety as
a storm warning. Shouldn't there be an occasional banner across our
screens? The alert klaxon sound might not be necessary unless the Index
was very high, 125 plus?
Should Minneapolis consider restricting traffic and some
nonessential operations during these periods? Since it will take some
time to make reasonable and enforceable restrictions, shouldn't we
consider the behavioral adjustments now when the Index readings are only
90 to 100?
Thanks.
John O'Neal
Holland
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