Financing Plan for Target Field Ahead of Schedule
Posted at: 12/29/2012 5:07 AM
| Updated at: 12/29/2012 5:08 PM
MINNEAPOLIS (AP) - Hennepin County's financing plan for Target Field is exceeding expectations.
A Minneapolis Star Tribune report (http://bit.ly/12ON6pR ) says the county has taken advantage of low interest rates and a stable revenue stream to speed up its payments, saving nearly $54 million in interest expenses.
The county's initial plan was to make the final debt payment on Target Field in 2037. But county finance director Dave Lawless says the last payment could come five or 10 years earlier. The $555 million ballpark opened in 2010.
The county issued bonds to cover the $350 million public share and levied a 0.15 percent sales tax to cover costs. If the debt is paid off earlier, the sales tax would also end early.
Information from: Star Tribune, http://www.startribune.com
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