The St. Paul City Council is expected to approve a funding plan for a new Lowertown St. Paul Saints (independent; American Association) ballpark despite half of the money for the facility still up in the air.
The cost of the project is $54 million. The financing plan calls for St. Paul to issue $8.5 million in bonds, repaid over 25 years by the city with $625,000 annually from property-tax proceeds, as well as tapping into other sources of one-time revenues. The Saints will put up $10 million ($8.5 million in bonds, $1.5 million in cash). Together, the Saints and the city will be up $27 million of the project cost, which also includes brownfield site prep.
The issue: whether the state will come through with the remaining $27 million. The Saints ballpark is one of many projects submitted to the state for funding via a $47.5 million administered by the Minnesota Department of Employment and Economic Development. All in all, 90 municipalities requested some $288 million in public money. DEED staff is expected to have recommendations by the end of August, with Gov. Mark Dayton — who has backed both projects in the past — making the final decision. The Saints proposal is not the only ballpark project submitted: Duluth is requesting $4 million for Wade Stadium upgrades.
If funding is approved, the ballpark could open for the 2014 season.
Image courtesy of the St. Paul Saints.
RELATED STORIES: Saints, Huskies ballparks pitched for Minnesota state funds; St. Paul: We’ll request economic-development funds for new Saints ballpark; Affiliated ball in St. Paul? Don’t hold your breath; Duluth: We’ll continue seeking state fund for Wade Stadium renovations; Duluth Huskies unveil renovation plan for Wade Stadium; St. Paul officials confident in scoring state aid for Saints ballpark; Saints ballpark funding alive — but just barely; State aid for Saints ballpark coming down to the wire; Saints ballpark bill suffers setback in state Senate; St. Paul close to acquiring land for new Saints ballpark; Saints ballpark funding passes hurdle; Saints ballpark funding part of state bonding bill
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