County's Target Field Debt On Track To Be Paid Off 10 Years Earlier Than Expected
Hennepin County (Minn.) remains on track to "pay off its Target Field debt a decade earlier than expected," according to sources cited by David Chanen of the Minneapolis STAR TRIBUNE. Construction of the $555M ballpark included $350M in "funding from the county." The county "planned to pay it off over 30 years," or by '37, but "now expects to pay the debt" by '27. Excess revenue from the ballpark sales tax, plus lower interest rates, have "helped the county save money and pay off bonds sooner than expected." An early payoff on the debt would mean that taxpayers "could see an early end to the sales tax, which amounts to 3 cents on every $20 spent." The county "paid off one of three series of bonds in November, 21 years sooner" than the $75M bond was initially due. And last week, the county refinanced $150M in bonds, which "could be paid off" by '32 -- five years early (Minneapolis STAR TRIBUNE, 10/12).