Yes David it does help. This demonstrates the same
type of scam the politicos dumped on us with the dome.
We have no representitives on the peoples side. We do
have the same media acquience and political support
for sports stadiums and the same disregard for the
populise that we had when the met was destroyed. No
real money is being put forth by the owners but all
media will benefit by a new stadium, and so those in
the media strive to explain the numbers. Where are the
real figures as to who gets what and who pays for
what. David do tell is this a sound investment or do
the Twins tell you what they want you to say?
Remembering that the Cowles family reaped a fortune
when they supported building the dome and supported it
in their paper. Is this what is happening again? If
this is a representitive government then should they
not reresent the will of the populice? Dain
Lyngstadedina/phillips
--- David Brauer <[EMAIL PROTECTED]> wrote:
> On May 6, 2005, at 2:24 PM, Pulse of the Twin Cities
> wrote:
>
> > DB: "So Twins, operators - ballpark commission,
> owners."
> >
> > Thanks for clearing that up. Does that mean the
> Twins pay rent as a
> > part of "all operating costs?" Would that make up
> for the property
> > taxes that are in effect lost since it's not a
> private building?
>
> Aaron, I'm venturing out a little further than I'd
> like on this one,
> but my read of the agreement is that the Twins have
> to sign a lease �
> but they don't necessarily pay rent. Instead, they
> assume all
> non-capital (non-building-improvement) expenses and
> all operating
> profits. The deal estimates operating costs - again,
> born by the Twins
> - at about $10 million a year.
>
> (On rent: there's a codicil about the Twins' $85
> million "second
> payment" for construction costs being considered a
> prepayment of rent.
> I think - again venturing out - that it's merely an
> internal baseball
> accounting thing so the Twins can stay within Major
> League Baseball
> debt-limit requirements.)
>
> Back to the public-private relationship: the county
> chips in the $235
> million (up to, actually; there's a skinny chance it
> could be less) and
> the $1.4 million a year for ballpark capital
> improvements (escalating
> with inflation) and the $500,000 or so to finance
> the ballpark
> commission annually (also escalating, no doubt).
> Beyond that, it is off
> the hook financially.
>
> The property tax question is a good one. My guess is
> that the Twins
> won't pay property taxes. (At Target Center, Glen
> Taylor makes a
> personal payment in lieu of property taxes but I
> think this deal is
> different.)
>
> By the way, the current Rapid Park owners pay
> $207,190 a year in
> property taxes that would be lost if the stadium
> gets built � that
> would be $6 million over 30 years, not counting
> inflation. Another
> caveat: it's hard to tell if the $207,000 is for the
> entire Rapid Park
> site; the county's property Web site maps are down.
> Also, not all of
> the Rapid Park site would be used for the ballpark.)
>
> There are a lot of details and too many educated
> guesses here. If
> anyone can refine/explain to the list, let us know!
>
> Hope this helps,
> David Brauer
> Kingfield
>
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