Update on Funding for the Grand Casino Arena Complex скачать в хорошем качестве

Update on Funding for the Grand Casino Arena Complex

Mayor Kaohly Her and Minnesota Wild leadership have reached a framework agreement to fund renovations at the Grand Casino Arena complex in downtown Saint Paul and advocate for financial participation from the State of Minnesota at the Capitol this Legislative Session.    Negotiations began within weeks of Mayor Her's election. Both parties worked in good faith to craft a solution that balances the arena’s operational needs, maximizes efficient use of taxpayer dollars, avoids raising property taxes, and preserves and reinvests in one of the city’s largest publicly owned assets that generates millions in direct tax revenues and produces millions more in economic impact from users across the state and country. The framework agreement is as follows: The arena complex renovation and improvement project will cost a total of $600 million — $450 million for Grand Casino Arena, and $150 million for Roy Wilkins Auditorium.    The agreement will include a $200 million ask at the State Legislature — $125 million for Grand Casino Arena and $75 million for Roy Wilkins Auditorium.  The City will finance the $162.5 million for Grand Casino Arena using an extension of the half-cent sales tax, of which up to 40% can be dedicated to capital improvements at the arena complex.  The Team will privately finance $162.5 million for Grand Casino Arena.  The City will work with the Wild as a preferred partner to fund the remaining $75 million for Roy Wilkins Auditorium, which will largely fund phase 2 of the renovation.  The Wild has agreed to cover any project overrun costs that may occur.  The agreement includes the Wild's ongoing management of the arena and a lease extension. The team will pay ongoing rent and pilot for use of the public facility, and both the City and team are committing to significant ongoing asset preservation investments over the term of the lease.