Steve Minn wrote: <snip> On a unit basis, the "subsidy package" to build Stone Arch will be less than $80,000 per affordable unit, at the end of 30 years. There are 92 affordable units. The rent subsidy is worth on a current year basis just over $6500/year per affordable unit. Over 30 years, this equals just under $18 million dollars. Discounted in today's dollars, at five percent (5%) that is worth $4.029 Million. The city's upfront investment, similarly discounted was worth $1.647 million. That's a 260% "bang for the buck." <snip>
Mark Anderson replies: I have no idea if Steve's numbers are correct. But even if they are, there is still a major fiscal problem with this. The city is the one paying the $3.6 million in TIF funds. Who is the one getting the benefit? It's got to be the ones leasing the apartment. These are people paying above the market rate for apartments, if Bill Cullen's numbers are correct (and Steve didn't dispute that). I don't care what the bang for the buck is if the city isn't the one getting the return. I've often heard that the turning out of SSB and her fellow travelers a few years ago was a rejection of such wasteful spending. It doesn't like that in this case (paying for affordable housing that isn't affordable). Does anyone know which council members voted for the Stone Arch TIF? Did RT vote for it too? I am glad to hear of a Ward 13 candidate that is against it. Several ward 8 candidates have announced their run on this List. I would very much appreciate it if they would explain publicly their opinion on TIF spending or other methods of "investment." Thanks Mark V Anderson Bancroft Ward 8 REMINDERS: 1. Be civil! Please read the NEW RULES at http://www.e-democracy.org/rules. If you think a member is in violation, contact 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 Civil City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[email protected] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
