http://minnesotamonitor.com/showDiary.do?diaryId=1131

And I did look around for some numbers on Galtier but I can't find any reliable numbers on what exactly the default cost the city.

Besides, it's not just a case of TIF money being unwise for this mega-project.  In the January 18 letter to Trooien, it was made very clear by the City that the city's attorneys had concluded that the use of TIF money for this project was against state law in that the project area did not have the level of “blight” required by state statutes.  For TIF money to be used, there would need to be a reversal in state laws that were enacted in response to hundreds of nice houses in Richfield being declared “blighted” so that Best Buy could use TIF money in building its campus.

Trooien would have to convince the City Council, the Mayor, both houses of the State Legislature and the Governor that St. Paul should be allowed to borrow money in a sum only slightly less than the annual property tax revenue of the city ($125 million vs. $142 million) for a private project opposed by virtually every stakeholder along the Mississippi River.

Not going to happen.  That's not saying Trooien won't be hounding us for the next few decades trying to make it happen, but when do we get to tell him to just go away?

TIF – The proposed TIF for The Bridges would be used ONLY for the parking structure.  T The TIF WOULD NOT include all future taxes.  The hotel, the restaurants, the movie theater, the stores would immediately pay sales tax to the city – millions within the first year.

The TIF is not an up-front loan.  It only happens if The Bridges is built, if  the financial market agrees to buy bonds, and if the site would have a higher tax value.  The real risk is for people who buy the bonds, not on city taxpayers.

The project would also pay for additional city services (police, fire, etc)  – so it would not cost residents any additional money.  In fact, neighborhoods would get more than a million in new Star money for projects produced by the hotel, new restaurants, stores, etc.

Please be more careful in how you use facts and what you have determined the facts to be.  We should all engage in a real discussion about what we want to happen here.  But we need to be honest and understand what facts are before reaching conclusions.

And I did look around for some numbers on Galtier but I can’t find any reliable numbers on what exactly the default cost the city.

TIF – The proposed TIF for The Bridges would be used ONLY for the parking structure.  T The TIF WOULD NOT include all future taxes.  The hotel, the restaurants, the movie theater, the stores would immediately pay sales tax to the city – millions within the first year.

The TIF is not an up-front loan.  It only happens if The Bridges is built, if  the financial market agrees to buy bonds, and if the site would have a higher tax value.  The real risk is for people who buy the bonds, not on city taxpayers.

The project would also pay for additional city services (police, fire, etc)  – so it would not cost residents any additional money.  In fact, neighborhoods would get more than a million in new Star money for projects produced by the hotel, new restaurants, stores, etc.

Please be more careful in how you use facts and what you have determined the facts to be.  We should all engage in a real discussion about what we want to happen here.  But we need to be honest and understand what facts are before reaching conclusions.

Besides, it’s not just a case of TIF money being unwise for this mega-project.  In the January 18 letter to Trooien, it was made very clear by the City that the city’s attorneys had concluded that the use of TIF money for this project was against state law in that the project area did not have the level of “blight” required by state statutes.  For TIF money to be used, there would need to be a reversal in state laws that were enacted in response to hundreds of nice houses in Richfield being declared “blighted” so that Best Buy could use TIF money in building its campus.

Trooien would have to convince the City Council, the Mayor, both houses of the State Legislature and the Governor that St. Paul should be allowed to borrow money in a sum only slightly less than the annual property tax revenue of the city ($125 million vs. $142 million) for a private project opposed by virtually every stakeholder along the Mississippi River.

Not going to happen.  That’s not saying Trooien won’t be hounding us for the next few decades trying to make it happen, but when do we get to tell him to just go away?