[Mpls] $69 million of City taxes in 2003 went to DEVELOPERS, NRP

[David Brauer]

On Oct 5, 2004, at 2:42 PM, Anderson & Turpin wrote:

> By the way David, your numbers don't tie to Vicky's. She said $69=20
> million
> out of $250 million went to TIF, which is 27.6%, whereas you say it's=20=

> 15.2%.
> For some reason I can't get to Vicky's site to check it out.  What is=20=

> your
> reference?

The Citizen's League report itself. The author, Bob DeBoer, confirms=20
that the 15.2 percent represents the share of the city's Net Tax=20
Capacity tied up in its own TIF districts. It's table 4 (page 7 of the=20=

printed report).

While the League report cites a Minneapolis TIF figure ($69 million),=20
it does not cite a figure for the city's Net Tax Capacity. By my math,=20=

it would have to be about $450 million overall to get to 15.2 percent.=20=

Vicky cited a City of Minneapolis financial statement listing report a=20=

Net Tax Capacity figure of $250 million. It's possible that figure is=20
not apples-to-apples with the Citizens' League =97 I've asked them for=20=

more details.

However, even if their formula produces a different result, my guess is=20=

it would affect the other cities' TIF percentages as well, keeping Mpls=20=

is 24th place.

By the way, for you St. Paul-o-philes, the Citizen's League report puts=20=

the Capitol City at 9.3 percent net tax capacity tied up in TIF. That=20
is indeed lower than Mpls's 15.2 percent. However, the Citizens League=20=

notes that St. Paul's TIF-value change in dollar terms went up 23.8=20
percent from 2003 to 2004 =97 more than double Mpls's 10 percent hike.

David Brauer
Kingfield=