Here's one that might be of interest, though.
Improve the historic and widely-used Farmers' Market through creation of a year-round, market centric produce, product and food neighborhood.
Improve the historic and widely-used Farmers' Market through creation of a year-round, market centric produce, product and food neighborhood.
If the land is worth $30m, structure $120m, we can find comparable PTs on downtown parcels with total value of ~$150m. The US Bank tower parcel is valued at $144m, pays $6.2m in property taxes. If you assume a 1% increase every year for 30 years, that's $209m in foregone tax revenue to Henn Cty. Even a couple hundred apartments/condos would net $2-3m in property taxes.Absolutely NO to a break on property taxes. That's a long-term revenue stream.
As a person working in US Bank Plaza, I think I can say that the Chipotle line alone might produce more sales tax revenue than some entire buildings.I can all but guarantee the employees of US Bank's building spend more on food/drinks/shopping in a year than 20,000 gameday attendees for 27 games.
You're making two false connections, though.If you assume a 1% increase every year for 30 years, that's $209m in foregone tax revenue to Henn Cty. Even a couple hundred apartments/condos would net $2-3m in property taxes.
I can all but guarantee the employees of US Bank's building spend more on food/drinks/shopping in a year than 20,000 gameday attendees for 27 games. This isn't an indictment of MN United. I think it's BS that the 'publicly owned' nature of the other sports venues exempt them from paying Minneapolis/Hennepin County property taxes as well. I'm actually ecstatic that they came to the table with a full private financing model. But the City should not back down here - we do have 2 venues in town that can host soccer games already paying no taxes. This area of town has development potential and the opportunity cost shouldn't be ignored.
Sure there is. Keep the site as-is. That would generate more revenue than a stadium paying no property tax.The only negative is potential lost tax revenue. But as of now, there is no concrete alternative to generate that tax revenue.
Local government revenue is.Revenue is not limited to property tax.
Parking revenue? Sales tax? "Value" added to surrounding properties?Local government revenue is.Revenue is not limited to property tax.
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