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How are we paying for this again?
from Minneapolis Issues Forum at http://www.mnforum.org/pipermail/mpls/2002-October/017320.html
Ken Avidor wrote:
"The (35W Access) project has a current price tag of $150
million (snip) "MN/DOT has committed to paying for the largest
share of the cost, but has no money. It has said that it will only
fund the project if new transportation dollars are provided by the
legislature (e.g., gas tax increase), meaning that project funding
is far from a sure thing. Hennepin County may, however, bond to
provide up-front funding."
David Piehl writes:
I posted about this a while back - and I think it's very bizarre
that Hennepin county perceives such a dire need for the Access Project
that they are willing to incurr the expense of nearly $100 million
in bonding, only to be reimbursed later by the legislature. Does
anyone have a dollar amount that this bonding will cost? I believe
the cost is a percentage of the value of the bonds, isn't it? Since
the development at Nicollet/Lake, and the development at Chicago/Lake
have both said their projects do not depend on the Access Project,
why the hurry? Is it because after spending so much money on a parking
ramp, Wells Fargo still doesn't have their "flyover ramp"?
Or, is it because project organizers do not believe the legislature
will fund the project on its own merits, and prefer to proceed and
ask forgiveness later? This really doesn't pass the smell test!!
David Piehl
Central
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