According to Dave Lawless, Finance Director of Hennepin County, the total cost
of the new Twins Stadium, on the Rapid Park site, including infrastructure,
land acquisition costs, financing and insurance is: $478 million dollars.
In a report he sent to the Hennepin County Board last Tuesday, (and I can
provide, if anyone would like a copy), the figures break down as follows:
$125 million - Twins contribution to stadium
$235 million - Hennepin Co. contribution to stadium
$84 million - Land acquisition, infrastructure and site
preparation
$34 million - Financing Costs; cost of bonds, tax
counsel, insurance
$478 million TOTAL RAPID PARK TWINS - HENNEPIN CO STADIUM
COSTS
Thus when the Strib talks about the Twins, "putting up 1/3", they are ONLY
TALKING ABOUT THE ACTUAL STADIUM, they are totally ignoring the $118 million in
associated costs.
When the associated costs are factored in, the Twins in reality are only
contributing 26.15%, while the taxpayers of Hennepin County are paying 73.85%.
This also fails to mention the fact that while Hennepin County Taxpayers are
paying almost 3/4rds of the cost of this new stadium; the Twins and the Pohlads
will retain both naming rights and any revenues from PSL's or Personal Seat
Licenses. Naming rights have recently gone for over $200 million dollars and
PSL's for over $50 million (however that is unlikely in the Twins case.) So in
reality, if the Twins retain both naming rights and PSL revenue, the teams
contribution may be near zero or they may actually make a profit.
The reality is Twins and Pohlad are not putting in anywhere near 1/3rd, or even
1/4 into the stadium upfront. This is another myth the Twins, the Hennepin
County Board members who want this deal and the Strib are trying to sell the
public.
Dann Dobson
Exrecutive Director - No Stadium tax Coalition
651-227-4376
[EMAIL PROTECTED]
[EMAIL PROTECTED]
Tim Bonham <[EMAIL PROTECTED]> wrote:
>I'm somewhat of an agnostic on the stadium deal, but the more I read about
>it the more I'm annoyed with how it's being spun in the media. My biggest
>annoyance? Carl Pohlad's "contribution" of $125m.
Another question on this: will Carl's "contribution" be a
donation, and thus deductible on his taxes? (Like business contributions
to Olympics, etc. have been.) In that case, it isn't really much of a
"contribution" at all -- just payment of money that he would otherwise pay
in taxes.
So if Carl deducts that from his taxes, it means the rest of us pay more
taxes to make that up. Or suffer a loss in services, due to the government
'revenue shortfall'.
So Carl gets to claim he is making a contribution, but actually deducts
that on the back end. And he gets the naming rights, so he makes a profit
of about $50-60 million on the deal. Plus the increase ini value of his
team from the new stadium, and the increased revenue from it.
No wonder a guy this cunning is the richest man in Minnesota!
Tim Bonham, Ward 12, Standish-Ericsson
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