STADIUM DEBATE
Kohls' plan should be a game-changer
Rep. Paul Kohls, R-Victoria, makes the first reasonable suggestion toward a new Vikings stadium. Give the Metrodome to the Vikings (or perhaps lease at $1 year with no property taxes). And do away with the Metropolitan Sports Facilities Commission. In the meantime, the Vikings get all revenue (and all expenses) on the current Dome and any replacement they care to build.
But if the team leaves after this transaction, make it pay big time -- like a fee or back taxes for the time it owned the Dome. If needed, give it the sales tax from all items sold there that are connected to the team.
ROBERT DEBUS, ROCHESTER
FORECLOSURE CRISIS
Minneapolis isn't in the buying business
The Feb. 7 article "In housing meltdown, cities turn into buyers" highlighted important issues affecting nearly every city, suburb, township and county across the country. However, the story leaves the impression that cities are the major buyers of properties in their communities and stick taxpayers with unused properties. While heavy government intervention and sitting on properties may be the proper strategy in many communities, that is not the case or our approach in Minneapolis.
Minneapolis' Three-Point Foreclosure Recovery Plan is based on the simple notion that the city only takes possession of a property that is blighted or vacant and thus, by definition, is not attractive to market buyers. First and foremost, we seek to prevent foreclosures and, to date, we have helped more than 400 homeowners avoid foreclosure, and our 2009 numbers show foreclosures will be down by almost one-third in Minneapolis when compared to 2008.
When purchasing a property is necessary, the Minneapolis Foreclosure Recovery Plan relies on a market-based approach that uses for-profit and nonprofit partners to buy, rehab and sell properties to homeowners as quickly as possible.
Another example of our market-driven approach to neighborhood stabilization is our innovative and nationally recognized Minneapolis Advantage program. It is a five-year, $10,000 forgivable loan program that to date has resulted in more than 230 new homeowners buying vacant and foreclosed homes in our city.
Finally, lest your readers lumber under the assumption that foreclosures are a uniquely urban phenomenon, there were more than 26,000 foreclosure sales in Minnesota last year, and the percentage of foreclosures in suburban, rural and exurban areas are the fastest-growing segment.