Good news for South Minneapolis!
<http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/02-18-2004/0002112344&EDATE=>
Allina isn't going to pay property taxes:
http://www.startribune.com/stories/535/4421709.html
Ultimately, Allina will move 950 employees to the site, with the move subsidized by an agreement from the city to forgo most property taxes for the life of Allina's 20-year lease.
<snip>
Collins said that because the Sears site is a historical redevelopment, which makes it more costly than other types of projects, Minneapolis knew it couldn't win simply on a cost basis against the competing projects. To become more competitive, the city agreed to give back most of the estimated $750,000 a year that Allina otherwise would have paid in property taxes annually for the length of its lease.
EY: So Allina gets twenty years of no property taxes. Unless Allina employees live in Minneapolis, the city doesn't get property taxes from the employees.
Allina also blackmailed the city to get them to support the 35W Excess Project.
Just how is this going to help the city? Homeowners in the city get double digit property taxes increases. Meanwhile the city subsidizes Allina by allowing Allina to be there tax free.
Eva Young
Near North
Minneapolis
[EMAIL PROTECTED]
Blog is up:
http://lloydletta.blogspot.com
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