Developer wants option on land near Dome till 2012

**singersp** · 07-15-2008, 05:02 AM

[size=13pt]Developer wants flexibility on land near Dome till 2012 for possible Vikings proposal[/size]

Last update: July 14, 2008 - 11:38 PM

startribune.com

The developer who granted an option to the Minnesota Vikings and the Metrodome's owner for a block next door to the stadium has asked to extend that option deadline to 2012...

**Marrdro** · 07-15-2008, 08:52 AM

Not sure if that is of any significance or not, however......

Alatus is willing to pay the city $84,000 annually for forgone property taxes if it agrees to extend the option.

Just another little poke in the eye about how much the city actually makes off of things like this.

**Zeus** · 07-15-2008, 08:52 AM

"singersp" wrote:

[size=13pt]Developer wants flexibility on land near Dome till 2012 for possible Vikings proposal[/size]

Last update: July 14, 2008 - 11:38 PM

startribune.com

The developer who granted an option to the Minnesota Vikings and the Metrodome's owner for a block next door to the stadium has asked to extend that option deadline to 2012...

That's a hopeful sign.

=Z=

**jmcdon00** · 07-15-2008, 09:10 AM

"Marrdro" wrote:

Not sure if that is of any significance or not, however......

Alatus is willing to pay the city $84,000 annually for forgone property taxes if it agrees to extend the option.

Just another little poke in the eye about how much the city actually makes off of things like this.

Yeah at that rate they will have the taxpayer share of the stadium paid off in just a little over 8,000years.

jk
I'm not sure I understand the article, so this company bought the land from the city but agreed they would develope it in x amount of years? So if the city denies it wouldn't that force the Vikings into building now? Why would the city want to allow them to put off the stadium for 4 more years?

**NodakPaul** · 07-15-2008, 09:25 AM

"jmcdon00" wrote:

"Marrdro" wrote:

Not sure if that is of any significance or not, however......

Alatus is willing to pay the city $84,000 annually for forgone property taxes if it agrees to extend the option.

Just another little poke in the eye about how much the city actually makes off of things like this.

Yeah at that rate they will have the taxpayer share of the stadium paid off in just a little over 8,000years.

jk
I'm not sure I understand the article, so this company bought the land from the city but agreed they would develope it in x amount of years? So if the city denies it wouldn't that force the Vikings into building now? Why would the city want to allow them to put off the stadium for 4 more years?

It would force them to build something now - but Alatus knows it would be more cost efficient for them (and the city) to wait for the stadium bill to pass.

Development convanences are fairly standard in retail land purchases.
It prevents someone from buying up all the land in speculation and waiting a decade for it to appreciate and then selling it again.
This way, once something is bought, actual development will occur, which is better for the local economy.