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Block E is good example of why government has no business in business.

    Block E was the home of many privately owned businesses that paid taxes. In 1987 the Minneapolis City Council decided it was blighted so thru condemnation they purchased the land and buildings, paid to relocate the businesses and tore down the whole block with the exception of the closed Shubert theater costing taxpayers millions of dollars. From 1988 until 2001 the land was a parking lot that generated very little if any income for the city.

    In 2001 an entertainment complex that looks like something from a Mickey Mouse nightmare was built at a cost of about $132 million dollars. Minneapolis taxpayers provided about $38 million dollars in the form of land and tax increment financing.

    Since 2001 many businesses have opened and closed in Block E as it fails to attract enough paying customers. Recently Gameworks closed in March 2010 and Hooters went tits up in August 2010. It has become a magnet for belligerent drunks that use the government funded transportation system to come and go.

    In August 2010 the Block E complex was purchased by Alatus for about $14 million dollars.

If you want to read comments about Block E click here.

More to come as time permits....

The harder you work the more you pay in taxes, so why bother

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Thursday, September 29, 2011