The pension fund paid $141 million for the Fifth Street Towers in 1996 (the best and brightest money managers no doubt!) The same buildings are about to be sold for $110 to $118 million. I wonder if the public employees in Oregon know about this debacle.
Hennepin County and Minneapolis got the shaft too because the buildings are only valued at $82.6 million for tax purposes - quite a haircut if you ask me. Kind of cute though that the public employees in Oregon are screwing the public employees in Minneapolis. Here is the link to the article in the 7/23/04 Business Journal: http://twincities.bizjournals.com/twincities/stories/2004/07/26/story1.html References by Vicky Heller North Oaks and Cedar-Riverside 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
