Sunday, March 21, 2004
Pawlenty Stadium Plan: Questions and Answers
An overview of Minnesota Governor Tim Pawlenty's stadium-finance plan by Jay Weiner of the Minneapolis Star Tribune. Quick summary:
The proposed retractable-roofed park for the Twins could cost up to $535 million.
The State of Minnesota has offered $110 million through "tax increment financing," through which the state would issue bonds to be repaid from the additional tax revenues a new park is supposed to generate. Economists say most or all of these "additional" taxes represent money that would otherwise have been spent elsewhere in the metropolitan area, resulting in little or no actual economic gain.
The Twins would be asked to contribute 33% of the cost, or an estimated $176.5 million.
The remaining $248.5 million would be paid by the local governments competing for the club, St. Paul and Hennepin County (Minneapolis).
|
An overview of Minnesota Governor Tim Pawlenty's stadium-finance plan by Jay Weiner of the Minneapolis Star Tribune. Quick summary:
The proposed retractable-roofed park for the Twins could cost up to $535 million.
The State of Minnesota has offered $110 million through "tax increment financing," through which the state would issue bonds to be repaid from the additional tax revenues a new park is supposed to generate. Economists say most or all of these "additional" taxes represent money that would otherwise have been spent elsewhere in the metropolitan area, resulting in little or no actual economic gain.
The Twins would be asked to contribute 33% of the cost, or an estimated $176.5 million.
The remaining $248.5 million would be paid by the local governments competing for the club, St. Paul and Hennepin County (Minneapolis).
|
