It's difficult to admit, but the Governor has just proposed a stadium financing plan makes a lot of sense.
The way I understand it is that the State floats $330 Million worth of bonds for construction of a baseball stadium. Interest costs are about 6.5% a year. The Twins pay to the State upfront $165 Million, which the state then invests at 8.5%. The Twins then pay the state $10 Mil a year for the next 15 or so years to pay off remaining bonds. The 2% spread in debt cost and investments cover the last 15 years of bond costs. The result is a new stadium with no increase in taxes or expenditure of public funds. Here is St. Paul PPD article on proposal. http://www.twincities.com/mld/pioneerpress/2867101.htm A key point is whether Twins are able to come up with $165 mill. Maybe Clark Griffith Jr. can enlighten us on whether or not this is doable. I'm guessing the Twins get stadium naming rights, and the $10 mill per year payment is considered rent. Details such as parking revenue, concessions, etc., also need to be forthcoming. As I said at the start of this post, one hates to admit it, but it appears the guv has come through with a plan that makes a lot of sense. Any reaction? Dean E. Carlson East Harriet, Ward 10 _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
