St. Paul E-Democracy Links http://www.e-democracy.org/stpaul/links.html _________________________________________
At 02:16 AM 1/25/2004, List Manager wrote:
There appears to be some discussion about the city organizing a low interest loan for Ruminator Books ($50,000 - $100,000). Any comments or suggestions?
I was about to write about this.
I have always loved shopping at Hungry Mind, and then at the Ruminator. It is one of my favorite bookstores around (since Odegaards finally tanked).
But let's be straight about this: This is not just a "low-interest" loan, it's a *high risk* loan - as in nearly zero chance of being repaid. Owner David Unowski has made a lot of stupid, disastrous decisions, and squandered an unbelievable amount of money at a time when the bookstore market is, to say the least, changing. And it could involve more than a loan - Jay Benanav wants to *give* the store $50K STAR grant, from sales-tax funds.
OK - so everyone who gasps in horror at the thought of supporting business through TIF, or giving money to sports teams for stadiums - it's time for an integrity check here. Does the city have the right, much less the need, to bail out a private business whose only real problem is a complete inability to run a successful business in a changing market?
Further question: Does anyone think, in a million years, that Jay Benavav would be flying to the aid, Council Ex Machina, of a bookstore that was not noted as a huge supporter of acceptively "progressive" causes? That featured readings by P.J. O'Rourke and Ann Coulter instead of Al Franken and Michael Moore?
Not a chance.
Local bloggers Fraters Libertas have written about this at greater depth.
http://www.fraterslibertas.com/2004_01_01_archive.html#107496238800295579
No loan. No way.
Mitch Berg English major, outraged taxpayer Da Midway!
Shot In The Dark The Truth about MNPOL http://www.mitchberg.com/shotindark/2003_12_28_archive.html#107297559725691783
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