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LEGISLATIVE' COMMITTEE The regular meeting of the NAIOP Legislative Committee was held Thursday, June 20, with the following members in attendance: Peter Carlson, Bob Cunningham, Sam Marfield, Rick Martens, Duane Bjorlin, Bob Renner, Boyd Stofer, Harry Yaffe and Chairman Jim Stuebner. The Chairman, Jim Stuebner, gave a NAIOP TO report of the National Public Affairs TESTIFY Committee of NAIOP, stating that NAIOP will have an opportunity to testify before the House Ways and Means Committee and the Senate Finance Committee on the proposed changes in the income tax laws as they effect real estate. Items to be discussed are such urgent matters as proposed changes in the real estate partnership at-risk laws, changes in the capital gains tax, investment interest calculations, increases in depreciation lengths, and a number of other item& The public affairs committee wil receive a draft of the proposed testimony and the chairman will distribute copies to the members of the Legislative Committee for their comments before sending our final comments to the NAIOP national office in Washington for inclusion in the testimony. The Minnesota Legislature was in MINNESOTA special session at the tim~ of our meeting TAX to vote on the proposed $900,000 income REDUCTION tax reduction bill This is a major step in improvement of the Minnesota business climate and a strong signal to the Minnesota business community that the Legislature is taking a hard look at its taxing and spending policie& Unfortunately, no action has been taken on reductions in the Minnesota real estate property taxes as they pertain to commercial and industrial building& The proposed legislation maintains the tax rate at 43% of the market value. While we had hoped for a slight reduction of the tax rate to 42%, the many hundreds of letters written by NAIOP members and thei~ business customers had a decided effect on the Tax Conference Committee, because the rate did not go up even though there was a $17 million dollar reduction of agriculture. In prior years, these shifts have been absorbed by commercial, industrial and other tax classification& NAIOP has, however, not set aside the property tax issue. We intend to fully pursue it in the forthcoming years to remove Minnesota as the #1 state in the United States in commercial and industrial property taxea We support the Latimer Tax Commission's reform of the archaic and complex Minnesota property tax laws and we intend to solicit all of the resources at our disposal to effect some change in forthcoming legislative sessions. The Chairman extended his tbAni~s to all of the committee members and to NAIOP members especially and their business customers for the letters written to the members of the State Legislature on this problem James C. Stuebner Legislative Committee Chairman I I I PUBLIC RELATIONS COMMITTEE REPORT David Kordonowy of Steiner Development, Ina, t~k-ing his first leadership role within NAIOP, moderated the Annual Industrial Update. Dave did an outstanding job coordln~ting his five area presentera In addition to tha~klng Dave, we recognize John Allen of Coldwell Banker, Mark Davis of Benson, Malkerson & Bradbury, Inc., Gary O'Brien of Trammell Crow, Don Bacluneier of Towle Development and Todd Mongrain of Garron Corporatio~ All members of the panel.did a great job of assembling the data, interviewing developers, owners, managers and finally, presenting their findings to more than 250 of our member~ Thank you all again and especially David Kordonowy for a fine 1985 Industrial Update. Mark your calendars for these upcoming programs. August 13 Tom Congleton NAIOP National President Moderator- Boyd Stofer NAIOP National Perspective and Film "Innovative Ideas and Development" and a case study on the Corporate Woods Development- joint venture with Metropolitan Life; September 17 Steven E. Gage Case Study - Creek Ridge I & II October 15 CUnt Miller Annual Office Update Again, if any members have program ideas, please contact me or any member of the program committee. Gregory E. Bradbury Program Committee Chairman