Light Rail Transit Coming to Eden Prairie – 2015; Cost $1.4 Billion

Government officials have been studying the various transportation needs in the Twin Cities. They have decided we need light rail transit to solve our congestion problems and make the Twin Cities a modern, twenty first century metropolitan area.

This week, the Hennepin County Regional Rail Authority announced their recommendations for LRT to serve the needs of the southwest corridor, including cities like Eden Prairie, Chanhassen, and Minnetonka. The options likely to be approved range in price from $1.2 billion to $1.4 billion. If it’s anything like the Hiawatha line, this project will likely cost closer to $2 billion. (Remember, we, the taxpayers, are stuck with a major subsidy of the Haiwatha line. Brett Shroyer wrote an excellent post some time ago about this). If the Southwestern Corridor is approved by the Metropolitan Council, the train will be operational by 2015. For a summary of light rail transit and specifically the Hiawatha line, the Minnesota Legislative Reference Library just posted this.

The HCRRA estimates 23,000 – 28,000 daily riders. There’s no mention in the Lakeshore Weekly News story as to how many of these riders will be net new riders. Typically what happens is people just stop using the buses and jump on the train. If I find the net number of new riders I will post that.

“If the Central Corridor (St. Paul and Minneapolis LRT) and Southwest Corridor LRT lines were built to the downtown Minneapolis station, it would be possible for people to travel by train from Eden Prairie to the state Capitol, or from Anoka to Eden Prairie,” (Jason McGrew-King, Lakeshore Weekly News).

Yes, and we can go live on the moon…but what’s the cost to all of this? No one seems to talk about that, nor do they care. What’s 28,000 daily riders? It sounds like a pretty large number, but is it really? Is there any mention as to how many car trips are taken along this corridor everyday?

What could we get for our $2 billion if we built some roads in Minnesota?

The Minnesota voters just passed the Transportation Amendment in this last election. If you noticed, it was for roads and transit. Those interested in transit are not interested in relieving traffic on the roads. They are interested in massive public spending on projects that will never pay for themselves. To see what the lobbyists were saying prior to the election, you can see their site here. Here’s what the Minnesota Department of Transportation had to say…and here’s a counter to these arguments by Red State.

In any event, the Twin Cities metro area is projected to grow by one million people by 2030. We will have a “world class” transportation system and the worse traffic of any like-sized metro in the country.

Hennepin County Property Taxes Increase 5.5% for 2007

Hennepin County has approved a 5.5% increase in taxes for 2007.

Let’s see…  Inflation was up 2.5 – 3.0% this year and true property values based upon sales in 2006 is likely to show at best 1-2% growth and more likely will show a 1-3% decline in value.  The property tax payer takes a hit again.

Central Corridor Light Rail – Green Light from Feds for $930 Million Train

The Federal Government generally pays for at least 50% of the capital expenses to build a Light Rail Transit system. Last week, the Feds gave the okay for Minneapolis and St. Paul to move forward with their planning for the train that will run between the two cities.

The Star Trib ran this story on the topic. Apparently everyone is thrilled.

Upgrading your kitchen? Try Kitchens Made Simple

A friend of mine introduced me to his new business venture called “Kitchens Made Simple.” They sell a complete kitchen for 50-60% less than you would find it at Home Depot, Lowes, or Menards.

The idea is they have several stock kitchens with various wood stain colors and wood – maple, oak etc. You buy the kitchen cabinets, the sink, the granite counter tops and the kitchen flooring. They install it all. The costs are incredible. For $10,000 – $20,000 you can have a completely new kitchen installed. Their motto is, “Your dream kitchen at 1/2 the cost in 1/2 the time.”
They charge $100 to come out and measure your kitchen. That $100 gets applied as a credit when you purchase from them. Usually they can have the complete kitchen installed within one week.

The packages do not include new appliances. However, the showroom for “Kitchens Made Simple” is right next to an ApplianceSmart on Highway 280 just north of I-94 and south of Highway 36 and Larpentuer.

As a real estate professional, I could see many benefits to the product and service they are offering. For those investors who are looking to improve and flip their properties, this would be a great way to do it while minimizing your costs. For those who are looking to upgrade their home, but don’t want to spend $25,000 – $30,000 to redo a kitchen, this might be an excellent solution for you.

Saratoga Closets

Saratoga Closets were in to speak with the Realtors(r) at Edina Realty Wayzata this past Tuesday.  You may have heard Saratoga Closets on the radio.  If you can get past the New York accent, it looks like they have a great product for those who are looking for custom closet solutions.

Saratoga is apparently doing a lot of work for the various condos in downtown Minneapolis.  For more information, see their web site at www.saratogaclosets.com.