3A, TCAAP Stadium Update - Laserfiche WebLink

Home Browse Search

i� EN HILLS MEMORANDUM DATE: February 13, 2012 TO: Honorable Mayor and City Councilmembers FROM: Jill Hutmacher, Community Development Director � SUBJECT: TCAAP/Stadium Proposal Update Minneapolis is evaluating a fourth downtown site nearby the Metrodome. Constructing a stadium on this site would allow games to be played at the Metrodome during most of stadium construction. This would allow the Vikings to minimize financial losses related to playing at TCF Stadium. An analysis of the Minneapolis financing plan has revealed that plan to have a gap of $55 million. Minneapolis Councilmembers have also raised concerns about a proposed $25 fee for on-street parking and $30 parking fee for city ramps on game days. On February 7, the Ramsey County Board of Commissioners voted to accept a$20.66 million contract with Carl Bolander and Sons for the remediation of the TCAAP site. The contract is contingent on the County receiving state funding for a new stadium or another use. The Arden Hills Public Works Director participated in the evaluation and selection of the remediation contractor. On February 10, Ramsey County released a third stadium financing proposal (see letter attached). The most recent proposal uses no countywide taxes. Instead, Ramsey County is proposing that the local share be financed through a combination of: • Stadium parking revenues; • Parking lot naming rights; • Admission surcharge; • Sales tax growth at the new stadium (this refers to sales taxes collected at the new stadium that are over and above what is currently collected at the Metrodome); • Stadium property fees comparable to those collected in Minneapolis (entertainment, bar, food and hotel taxes that match those already existing in downtown Minneapolis); • State property taxes on stadium-related businesses at the site. City of Arden Hills February 13, 2012, City Council Meeting Page 1 of 2