Union pensions invest $13.5 million in Minneapolis housing (Wall St. sits on $ to help R's)

[Omaha Steve]

Source: Workday Minnesota

MINNEAPOLIS - Construction is underway on a new 84-unit apartment building in southeast Minneapolis, financed by the AFL-CIO Housing Investment Trust, which is providing $13.5 million of union pension capital.

The FloCo Fusion apartments will be part of the major renovation and redevelopment of the historic Florence Court site, located a few blocks from the University of Minnesota.

All on-site construction work at the $16 million project will be performed under collective bargaining agreements with local building and construction trades unions, the Housing Investment Trust reported. The investment is expected to create approximately 100 union construction jobs as it provides competitive returns for the pension plans that invest in the HIT.

“FloCo Fusion is the latest project in the HIT’s long history of bringing jobs and development to Minnesota,” said HIT chief investment officer Stephanie Wiggins. “In just the last three years, we have committed more than $100 million to support nine Minnesota development projects. These investments are promoting economic recovery in Minnesota with the creation of more than 900 union construction jobs and nearly 800 units of housing.”

Read more: http://www.workdayminnesota.org/index.php?news_6_4695

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Thanks to the use of precast concrete construction, the new apartment building is rising rapidly on University Ave. SE just east of the exit ramp from Interstate 35W.

Photo by Steve Share, Minneapolis Labor Review

[Thav]

1. Wait wait wait... they created jobs without tax cuts?

How can this be? There's no way jobs are created by SPENDING MONEY! Spending is bad, tax cuts are good. Are you sure you reported it correctly? Didn't you mean that the AFL-CIO Housing Investment Trust transferred $13.5 million to rich people, who then in turn created jobs? After all, it's ONLY the rich who create jobs, and they're ONLY created through tax cuts. Not through spending money on goods and services.

:sarcasm:

[jwirr]

2. That is acting local.

[blackspade]

3. Oh My!

Actual capital investment created jobs? Shocking!
Union jobs? At collective bargaining rates?
Its like America returning home after a meth-induced bender.
Unfortunately we are still nonsensically curled up around the toilet to appreciate the house we live in.