Greg Luce wrote: I have a few questions that I hope can be answered:
1. I was unaware that we were running a deficit through NRP funding, which appears to be related to the bonds issued to fund NRP. Could we get more specifics on this? [In 1990 a number of tax increment districts were refinanced in a way that deferred a significant portion of the debt service and allowed the tax increment stream to be used for other community development purposes. The most significant of those purposes was the first phase of the NRP Program. Although It was never expected that there would be sufficient TI to completely fund the twenty years of both phases, it was also not anticipated that legislative property tax changes would severely reduce that TI stream and that this would occur at the same time that the deferred debt became due. The result is not an NRP deficit but reduced resources that need to be allocated between NRP and other community development priorities in a way that negatively impacts both.] 2. I assume the Chapter 595 Levy is the one also called the HRA Levy that in part funds housing creation. True? Sorry if this is a rather stupid question. Along those lines, I assume that the "competition" between general tax revenues that fund police, fire, etc., and the HRA Levy that funds housing/community development is a "competition" necessitated by the overall 8% tax ceiling. That is, if we retain the HRA/Chapter 595 Levy, we must cut back the property tax rate so that the overall rate is 8%. Just need clarification on this, as I wade through the intricacies. [In effect, the Chapter 595 Levy is the Minneapolis version of the HRA levy created under the special law, "Chapter 595" that also created the MCDA from a number of Minneapolis development entities. Your understanding of the, "competition" is exactly right.] Jack Kryst King Field TEMPORARY REMINDER: 1. Send all posts in plain-text format. 2. Cut as much of the post you're responding to as possible. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
