Alright. I'll say something now. I hesitate because so much is not yet known about the deal. Both Charlie and Chuck make good points. If another bidder really wants the property, and if Sherman is now bidding because of City help, then this does have an effect of raising the purchase price of the land. It is also true that Tax Increment Financing is another "hook" for the City to have some control of final development. The more money in about any form contributed by the City adds to this control. Control already exists through zoning requirements and the permit process. So public subsidy is not absolutely necessary to control most development.
My real concern with these kinds of developments is whether the City ultimate exerts their powers to insist that developers deliver on their promises. As we have seen in many high profile developments in the last ten years, we did not discover all the details until long after the developments were completed and it was much different than first promised by both the City and the developer, at least in public. We call this "hair on the deal" which was abundant with all the Downtown "renaissance" developments. It will be important that the City keep the neighborhood and public in general involved from the start. John Mannillo Downtown and Highland Park _____________________________________________ To Join: St. Paul Issues Forum Rules Discussion Email: [EMAIL PROTECTED] ____________________________________________ 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/
