Forwarded on behalf of the signer, Steve Minn...
Advisory to all list members. I am not inclined to defend Ms. Heller's false accusations with regularity, but certain statements she recently made are based on ignorance of facts.
Stone Arch Apartments had an approved development budget that was different than the projected tax value of the property.
The tax value of the property is determined by a combination of income stream, replacement cost and market comparison. Our income stream is constrained by the "affordable" housing rates we agreed to limit on 40% of the project. That limitation impacts value.
It is not uncommon during lease-up for new construction properties to take up to three full operating years to reach stabilized tax value. Stone Arch first occupied in September 2003.
The "gap" between development cost and current value will narrow over time. The commitment for affordable housing rates is fixed for thirty years.
Note to Ms. Heller... As I am no longer a public figure, you should consult an attorney about your obligations regarding false and slanderous statements in a public forum. Your next mistake may be actionable.
Steve Minn Principal Lupe Development Partners, LLC
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