Property Lines - Scott Olson

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Real Estate & Retail

Taxpayers' MSA price uncertain

April 24, 2007
Neither of the teams hoping to redevelop the Market Square Arena site mention a specific figure for city incentive in documents filed with the city, but both say they need public money to make their projects work. In the $150-million Market-Ability Partners proposal, the developers suggest a public-private partnership in which the city would reimburse the $6.2-million cost of the MSA land, provide for parking facilities and throw in TIF revenues. In exchange, the city would share in any revenues. In the other $130-million proposal, for The Towers on Market, the developers say they will provide $30 million in equity, seek public incentives and finance the rest.
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