Fundraising for Downtown East Commons is still falling short, even after plans for the downtown Minneapolis park were scaled back last year.
The nonprofit Green Minneapolis, a conservancy formed by the Downtown Council, raised about $14 million of nearly $15.3 million needed for the project in 2016. To ensure the park was ready in time for the July opening of U.S. Bank Stadium, developer Ryan Companies agreed to bridge the gap with a short-term loan.
"Even with some heartburn, we knew the importance of getting the Commons open," said Tony Barranco, vice president of development at Ryan Companies. "We were simultaneously designing it while constructing it while raising money for it."
Green Minneapolis will pay back the loan as more money is raised — including some that has already been committed but will come in incrementally.
At the same time, the nonprofit is trying to meet the initial $22 million fundraising goal for the park, which includes money for operations.
"The fundraising efforts are still deeply underway," said Beth Shogren, Green Minneapolis' interim executive director.
The city and the Vikings have already contributed to the project, as have local corporations and foundations.
A year ago, Green Minneapolis announced it had met half the $22 million goal. Days later — "in recognition of the pace of fundraising," according to a report from city staff — city officials decided to hold off on some elements of the park, including two buildings, terraces and a plaza.