SNELLING NEIMAN COMPLEX FUNDS- SOURCES AND SECURITY
Source of the $14 million was Net Debt bonds issued by the City of Minneapolis. Council bonding resolutions provided that, in case of MPRB default on bond payments, the City would reduce the MPRB share of Local Government Aid (LGA).
Have the recent cuts in LGA already removed this security for the City (and taxpayers)?
Johnson's notes indicate that the $14 million in bond payments were to be paid by revenues from Ft. Snelling Golf Course. While golf revenues were running $500,000 a year, 16% of revenues were encumbered by another part of the agreement. No data available on operating cost of the Ft. Snelling Golf Course and unencumbered net revenues that are available to pay the $14 million bond issue. Is this revenue stream sufficient and reliable?
DISBURSEMENT
Johnson's notes state that the $14 million was spent as follows:
- $5 million for property acquisition from the federal government (GSA). I believe this was for 17 acres.
- $2 million to install a water line from the City of Minneapolis system to the Ft. Snelling Upper Bluff area. The MPRB uses water to maintain the athletic fields. Toilets at the park are by porta-potty - an operating expense. The tennis center has water access.
-$7 million for field work, lighting, drainage, etc. The Ft. Snelling Neiman Center has 3 softball, 2 baseball, and 8 soccer fields. The park had 3 soccer fields before this project was undertaken so there is a net increase of 10 athletic fields. The fields are located on leased, land.
As far as I know, these figures do not include funds for the Lake Snelling Golf Course and the tennis center facility.
An MPRB news release stated that MPRB had leased the Ft. Snelling site since 1993 and had signed a new 30 year lease and also, had purchased 17 acres at the site. The Pioneer Press reported in February 2002 that the MPRB spent "$5 million for complicated land deals with federal and state agencies, plus the purchase of property from an Alaskan Indian tribe that had swapped land needed for the Alaskan pipeline for a chunk of federal property near the historic fort."
Next: land purchased and land leased
Shawne FitzGerald
Powderhorn
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