[Mpls] Allina

[joe allen]

http://www.startribune.com/stories/462/4619076.html

According to the article linked above, Allina will only get back 
$480,000 of the $711,000 it will pay in property taxes. Allina is a 
non-profit and they currently don't pay any property taxes on the 
buildings they own in Minneapolis and elsewhere (correct me if I'm 
wrong). Because they will lease the space in the Sears site they will 
have to pay taxes.

The article also states that to offset the cost of the move they will 
sell two properties in Minneapolis--one on Nicollet Ave. and one by 
Loring Park. When the buildings are sold they may go back on the tax 
rolls if a for-profit organization buys them. I don't know what the 
values of the properties are but they should offset some of the $480k 
in tax relief Allina will get. I know that's a big if in the land of 
10,000 non-profits.

Allina will take up most of the planned office space but only about a 
25 percent of the overall space. Will all the future tenants get 
similar deals?

Joe Allen
Central