Minneapolis stadium proposal

  • Updated: October 28, 2011 - 1:24 AM

 

FARMERS MARKET SITE

$1.046 billion

Financing:

• City of Minneapolis: $300 million.

-- 0.35% sales tax and 1% lodging tax, or

-- 5% Block E gaming gross revenues through 2020, 3% after 2020 and $20 million license fee

• City's base annual operating contribution: $9 million.

LINDEN AVENUE SITE

$1.031 billion

Financing:

• City of Minneapolis: $285 million.

-- 0.35% sales tax and 1% lodging tax, or

-- 5% Block E gaming gross revenues through 2020, 3% after 2020 and $20 million license fee

• City's base annual operating contribution: $9 million.

DOWNTOWN EAST SITE

$895 million

Financing:

• City of Minneapolis: $195 million.

-- 0.35% sales tax and 1% lodging tax, or

-- 5% Block E gaming gross revenues through 2020, 3% after 2020 and $20 million license fee

• City's base annual operating contribution: $9 million.

The Minneapolis argument:

• Facility would be publicly owned and operated by a new stadium authority.

• Stadium would be centrally located.

• City proposal would also mean $150 million in renovations to Target Center, and ensure the longterm operating and capital needs of the Minneapolis Convention Center.

• Proposal would build on significant public investments already in place.

• Proposal would provide $5 million in property-tax relief for Minneapolis businesses and homeowners by eliminating property tax obligations to Target Center.

Source: Mayor R.T. Rybak's office
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