Yes, this is essentially a user-fee deal except that there is a small amount
of TIF generated from the Stimson Bdlg. The user fees comes from the
restoration fee that is tacked on to each ticket sale.
The Stimson Building is the two-story commercial building that is attached
and partially wraps around the Mann Theater. The Mann and the Stimson are
programmatically inseparable, or at least substantially intertwined. Because
of the original design of the theater, in particular its relatively large
hall in a small box, some of the support functions of the theater will have
to be integrated into the Stimson Bldg. itself. Furthermore, any future
skyway connections will likely use the Stimson space.
When the Stimson Bldg. is renovated, it will be sold and is expected to
generate about $50,000 per year in taxes. This is the tax increment that
will be contributed to the project.
Keith Ford
Deputy Executive Director
Minneapolis Community Development Agency
(612) 673-5013 Fax (612) 673-5293
http://www.mcda.org/
> -----Original Message-----
> From: David Brauer [mailto:[EMAIL PROTECTED]]
> Sent: Tuesday, September 19, 2000 12:39 PM
> To: Multiple recipients of list
> Subject: Pantages theater
>
>
> I want to be sure I correctly understand today's Strib story
> on the downtown
> theater refinancing.
> (http://www.startribune.com/stOnLine/cgi-bin/article?thisSlug=
> MINN19&date=19
> -Sep-2000)
>
> For $22 million, the city will refinance State & Orpheum
> theater bonds, and
> finance the conversion of the Mann to the Pantages, and the
> redevelopment of
> the Stimson Building that encases the Mann. I had heard that
> State-Orpheum-Mann deal was essentially a user fee deal,
> where a surcharge
> on theater tickets would pay the cost of the
> refinancing/conversion, not
> property taxes.
>
> But here's where I'm confused: Rochelle Olson writes, "The
> revenue bonds
> would be repaid through restoration ticket fees ranging from
> $1 to $3 a show
> **and with increased property taxes generated by the the
> Stimson Building
> after it's refurbished.**" (asterisks mine)
>
> This sounds like there is a tax-increment financing component
> too. Is TIF
> involved? Anyone who knows, reply to the forum at [EMAIL PROTECTED]
> Thanks.
>
> David Brauer
> King Field - Ward 10
> [EMAIL PROTECTED]
>
