[Mpls] Minneapolis should start collecting its bad debts too

[David Brauer]

On Feb 9, 2005, at 7:36 AM, Victoria Heller wrote:

> The StarTribune hasn't had a property tax increase.  In fact its
> headquarters building taxable valuation has dropped.....despite the =
LRT
> station's arrival......
>
> 2001  $9.1 million
> 2002  $8.8 million
> 2003  $8.6 million
> 2004  $8.6 million
>
> 'Nuff said

LRT opened in June 2004; the $8.6 million figure is based on values=20
established Jan. 2, 2004 =97 6 months BEFORE light-rail opened, when the=20=

area was pretty ripped up for LRT construction. If anything, LRT would=20=

have the effect of depressing values listed above.

In the down part of a commercial real estate cycle, commercial property=20=

values throughout Downtown =97 which is stuffed with commercial property=20=

=97 will fall, too. If the neighborhood is less valuable, it makes sense=20=

that could affect the Strib. For context, overall commercial-industrial=20=

valuations in Minneapolis declined six-tenths of 1 percent in 2004 from=20=

2003, according to the city assessor's office. Looks like the Strib HQ=20=

tracked that figure, indicating they were not singled out for special=20
treatment.

Also of note =97 the Strib HQ's current $8.6 million value remains 13=20
percent above its 2000 value of $7.5 million. (The above numbers=20
conveniently only show the drop from the market peak.)

The speculative insinuation that journalists with whom one disagrees=20
are "on the take"  is reckless enough. But the inference that the above=20=

"evidence" somehow proves the point lacks logic.

David Brauer
Kingfield
Editor, Skyway News and SW Journal