In the historic St. Anthony Falls neighborhood of Minneapolis, near the Stone Arch Bridge, sits the landmark Pillsbury A Mill. The city is considering a proposal by the private developer Dominium to turn the A Mill into a 255-unit housing-only project for artists.
The plan does not fit into a comprehensive plan for the Mississippi riverfront, does not envision mixed uses, does not take public access or open space into consideration, and will be an economic burden on taxpayers for years to come.
Housing in this location is extremely costly because of the renovations needed to the historic buildings. Under the proposal, the average cost per unit of low-income housing is $372,000 -- two to three times what such housing should cost in the rest of the metro area and well above the $221,000 average home price in the Twin Cities.
The $60 million in tax credits that would flow to the developer are a direct reduction of federal and state revenues, as large corporations use the credits to reduce their tax liability. On top of that, the city is considering tax-increment financing, which would ensure that this valuable parcel would not add meaningful property tax revenues.
This is not about neighbors not wanting to give others a chance to enjoy the riverfront the way we do. It's about developing the right mix of housing, business and preservation and protecting our cherished resource for all residents and visitors in a fiscally responsible way.
KATHLEEN FLYNN PETERSON AND ROBERT STANEK, MINNEAPOLIS
