The Fifth Street Towers were sold August 30th for $117.5 million. In 1996, the pension fund paid $141 million for the buildings, so it lost $23.5 million in capital plus whatever they lost trying to operate the buildings.
The good news for Minneapolis is that the property tax base just increased by $34.9 million -- because the Minneapolis assessor only valued the property at $82.6 million for tax purposes. Let's watch this one to make sure the new taxable market value actually goes up to $117.5 million as of January 1, 2005 for taxes payable for 2006. As they say on Wall Street: For every winner there must be a loser, or else you have inflation! http://www.startribune.com/stories/535/4974768.html 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
