Officials Confident Raiders' Vegas Venue On Schedule NFL Helping Fund Tottenham Stadium Titans Get New Food Service Operation Hawks' Practice Facility Opening This Fall Facility Notes U.S. Bank Arena Upgrade Needed For Tourney Mercedes-Benz Stadium Delays Opening For Third Time Dickies Wins Naming Rights To Ft. Worth Arena Georgia Dome Demolition Could Move To End Of Year Orioles Payments On Ballpark Exceed Cost
Upcoming Conferences and Events
May 31 - Jun 1
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).