Read the screed Here.
• Fiscally, a better option would be to get one-time money from a non-competitor that will maintain permanent property tax income for the district.
Well Duh! Doesn’t Ed Mn know that Central has sat empty sucking up $170,000 every year in heating and maintenance for six years? We had one buyer who chickened out at the last minute and they only offered us 70% of what we were offered by Tischer Creek Building Corp.
As for the over-hyped permanent property tax income for the district of a modest development of $40 million it would amount to significantly less than 100 grand per year and that’s if the City didn’t grant a TIF District to a developer. In that case we would have to wait 20 years to see a cent from the developed property.
Does Ed Minn offer this kind of boneheaded financial advice to all of its affiliates?