Suggest A Link For This Page: http://www.e-democracy.org/stpaul/links.html _________________________________________ John do you mind if I send this to the list? I was asked to pass it on if you should respond. Michael Fratto Career One Stop 390 North Robert Street St. Paul, MN 55101 651-296-3574 Fax 651-297-2381 [EMAIL PROTECTED]
>>> "John Mannillo" <[EMAIL PROTECTED]> 01/28/2004 3:54:59 PM >>> Mike, This was the World Trade Center parking ramp deal towards the end of Norm Coleman's first term. In exchange for a promise by the owners of the World Trade Bldg. to create a world class entertainment center with 14 movie screens, restaurants etc., the city would expand the 500 car ramp and give all the rights for more than 20 years to Principal Mutual, the owner of the building. This was good politics in that Coleman leveraged this deal into the Lawson project and ultimately the new Arena and campaigned on his development prowess for another term of Mayor. After he was elected, we found out Principal never signed an agreement to do anything and in fact moved out of town after selling the Building for about $50,000,000 or $10,000,000 more than without the parking rights to the ramp. Principal however kept ownership of the income from the ramp which is really an amazing deal considering it is property-tax free since the city held the deed to the property. After the term of the bond, Principal can walk away without having to rebuild a 20 year old parking ramp. The only reason you don't see parking ramps developed in the last half century is they don't make money on their own. Not after property taxes and structural repair. I remember Mike Harris saying at a Council meeting that even so, this was a good deal for the City because we needed the parking. Even if this was so, (now our ramps are 35% vacant) why not build the ramp and have the city retain ownership? This is just one of the many deals done under Coleman's watch in Downtown, none of which have ever generated any property taxes other than a load of debt. John Mannillo Downtown and Highland Park _____________________________________________ NEW ADDRESS FOR LIST: [EMAIL PROTECTED] To subscribe, modify subscription, or get your password - visit: http://www.mnforum.org/mailman/listinfo/stpaul Archive Address: http://www.mnforum.org/mailman/private/stpaul/ _____________________________________________ For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract
