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ST. PAUL LEADERS FLOAT PLAN TO BEAR BRUNT OF ARENA COST
Published April 2, 1998
St. Paul's state and city leaders yesterday publicly backed a new plan to build a $130M hockey arena, according to Curt Brown of the Minneapolis STAR TRIBUNE. State leaders proposed a plan that would set up an escrow account with $60.85M in state money. Interest from that account would be earmarked to pay $4.5M in annual debt service on the RiverCity convention space, "freeing city bond money for the arena." The city would be "on the hook" for $95M of arena costs, with the Wild contributing $35M and paying for any cost overruns. The city's annual debt service on the arena would be about $7.5M, with state escrow covering $4.5M and ticket taxes and other arena revenue making up the remaining $3M. Pam Wheelock, St. Paul's Dir of Economic Development, said she doesn't expect any changes will be made to the city's lease with the Wild (STAR TRIBUNE, 4/2).