Pioneer Press Fri, 18 Apr 2008 20:43:48 -0600
Proposed MOA tax break riles developers
One of the tax breaks the Mall of America is seeking as part of its proposed Phase II expansion has commercial real estate developers and owners crying foul, saying the megamall would receive an unfair advantage over competitors. In the Bloomington mall's request to finance a $186 million parking ramp as part of the expansion, the owners want to exempt the $4.5 million in property taxes annually generated by the new construction from the metro "fiscal disparities" tax-sharing pool that subsidizes property-poor cities. That's raised the ire of others in commercial real estate that pay into the fund. "If it's good for the Mall of America, why would it not be good for the Minnesota Vikings or any project in the seven-county area?" said Bob Greenberg, president of the 614 Company, which owns and manages commercial real estate. "How do you deal with the slippery slope?"
[[keywords: LandUse;Metro;]]
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