> David Brauer writes: > > "The Downtown real estate market is hardly "crashing."" > > Vicky here: > > You have got to be kidding! > > A 30 - 60% drop in value is not a crash?
I can't tell if Vicky is ignoring my major point but ... a 30-60 percent drop for A BUILDING (the story's examples) is different that a 30-60 percent for a MARKET. The only data the story provides about the overall Minneapolis commercial MARKET is that its taxes paid are down a mere 5 percent. > The 5% drop in commercial tax collections is for which year? Based on my > experience, it takes two years for the Court reductions to be reflected in > actual collections. How many Court cases have been filed and adjudicated? > You won't see the effect of these reductions until 2004 and 2005 > collections. According to the Strib story Vicky originally linked to, the number is for 2004. > A few months ago, The Minneapolis Observer, published Targets tax reduction > from $10 million in 1998 to $4 million in 2002. Who is making up that > slack? And yes, Minneapolis taxpayers are on the hook for the Target debt. OK, reaching for new arguments now I guess... Don't know if you're talking about the Target store or the Target office tower. Neither were here in 1998 (which is part of my point - existing buildings may have lost value, but new buildings, like the Target office tower, are contributing new money to the general fund to make up for it. The Target store is TIF'd, so it is paying more property taxes but not to the general fund.) > What happened to the $95 million for the Village at St. Anthony? > > Which developers received the $178 million of "loans" on the MCDA books? I don't know, but you're changing the subject from a real estate market "crash," to the city's tax-increment balance sheet. Apples and oranges from your original market-valuation thread. > Answers now please. A little hard if the question keeps changing. David Brauer Kingfield Stenographer of the Gods 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. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ 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
