The big guys are bailing out of Minneapolis with big losses! Here's a sale that we can analyze from today's Strib. http://www.startribune.com/stories/535/4902009.html
International Center is 65% vacant and its current owners are getting $21 million LESS than they paid for it six years ago. Who knows how much they lost trying to operate it during that time. I looked up the Hennepin County tax records (there are several parcels involved) for this property which is currently assessed at a taxable value of $18.7 million. Oops - Minneapolis taxpayers are ripped off again! Remember last week that the Oregon pension fund's Fifth Street Towers are under-assessed by approximately $40 million. Note: You might have a little more money to spend if you get some competent folks down at the Minneapolis assessor's office. With interest rates at historic lows, it's really difficult to understand how real estate values can drop so dramatically. Could it be that businesses don't want to be in Minneapolis? There is some evidence to support this theory: After all, Minneapolis had to pay Allina over $30 million just to transplant jobs from another city. Someone at City Hall should start tracking business arrivals and departures (non-subsidized of course)so that we know if we're making progress. Now for those of you who are government dependent and like to blame President Bush for all of your financial woes...... One of the International Centre parcels, Property ID 27 029 24 11 0087, which is consistent with all of the others, shows its valuation in the context of recent history: As of January 1st 1988 $6,355,000 President Reagan 1999 $5,880,000 President Clinton 2001 $2,983,000 President Clinton 2002 $2,951,000 President Bush 2003 $2,951,000 President Bush 2004 $2,951,000 President Bush 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
