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Minneapolis Offers Alternative Plans for People's Stadium, Target Center Renovation, and Convention Center Expansion

Strategic Insights

— 2 min read

Minneapolis Mayor R.T. Rybak and City Council President Barbara Johnson released detailed financing plans for three "People's Stadiums" in Minneapolis, each securing the future of three statewide facilities: the Minnesota Vikings' stadium, the Target Center, and the Convention Center. These plans offer advantages over the proposed Arden Hills site, including lower construction and operating costs, publicly owned and operated facilities, and better transportation and parking options for fans.

Key Takeaways:

  • Each of the three Minneapolis sites (Linden Avenue, Farmers Market, and Downtown East) is less expensive to build than the Arden Hills site and secures the future of two additional statewide facilities.
  • The Minneapolis sites are less expensive for the team to operate than Arden Hills would be, with better transportation and parking options for fans.
  • The Minneapolis sites provide fans with more and more affordable options for food, entertainment, and lodging than Arden Hills.
  • The plans offer a 0.35% citywide sales tax and a 1% lodging tax, or revenues from a casino at Block E, to finance the stadium.
  • The renovation of the Target Center would cost approximately $150 million, with $50 million in private contributions, and would provide a state-of-the-art facility for the 21st century.
  • The Target Center generates over $100 million in new economic impact annually and has a 17:1 return on investment for the State of Minnesota.
  • The Minneapolis Convention Center generates $225-260 million in new economic impact annually and $14-16 million in tax impact from non-resident visitor spending annually.
  • Mayor Rybak and Council President Johnson proposed two separate financing options for each stadium site, including a citywide sales tax and revenues from a casino at Block E.

Statistics:

  • The construction cost of each Minneapolis site is lower than the Arden Hills site.
  • The operating costs of the Minneapolis sites are lower than the Arden Hills site.
  • The Target Center generates $100 million in new economic impact annually.
  • The Target Center has a 17:1 return on investment for the State of Minnesota.
  • The Minneapolis Convention Center generates $225-260 million in new economic impact annually.
  • The Minneapolis Convention Center generates $14-16 million in tax impact from non-resident visitor spending annually.
  • The renovation of the Target Center would cost approximately $150 million.

Sources:

  • Minneapolis Mayor R.T. Rybak and City Council President Barbara Johnson
  • Mayor Rybak's statement on a Block E casino
  • The Minneapolis Star Tribune, Mayor, city council propose Minneapolis alternative to Arden Hills Vikings stadium proposal
  • The Minneapolis Star Tribune, Vikings stadium alternative: Minneapolis' downtown East site

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