This is the best news I have observed from city hall in decades. Go after the money and the real estate. I make my living on real estate. I guard assets and I take assets from those who do not keep agreements. The city has been a babe in the woods when it comes to dealing with experienced operators. Now is the time to go out and recoup. Go RT!!!
Craig Miller Former Fultonite [EMAIL PROTECTED] > Brookfield has offered $4.4 million to settle the loan, for which an > $11.5 million payment due June 15. The parcel is valued at $7 million > and pays $344,000 of property taxes. > > As Olson writes, "The proceeds are to go to the Minneapolis Community > Development Agency (MCDA), and without them taxpayers could face higher > levies to help pay for development projects, including affordable > housing." (The article doesn't say if the missed loan payments affect > NRP, or how big a share of overall city development/housing funds the > payments represent.) > > There are two other loans, Olson reports. Brookfield owes $17.4 million > on Sept. 30 for another Gaviidae parcel. The city is in "second place" > for any payment behind a Brookfield affiliate, meaning the city leaders > "don't expect to see a dime." Olson's article says the city will > probably sue to retain rights to the proceeds. (The article doesn't say > so but the city will presumably argue Brookfield's ability to protect > payments through its own affiliate, not the city, is inappropriate > self-dealing. Brookfield will probably argue that the city signed the > original deal.) > > The article also mentions a $39.5 million payment on a third parcel due > in 2008 or 2009. Unlike the first two, this one is backed by Brookfield > assets, so it is expected to be paid in full. > > One wonders: any other multi-million-dollar unsecured deals looming from > our recent past? > > David Brauer > List manager > _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
