Mpls. City Council Votes On Stadium-Related Funding
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MINNEAPOLIS (WCCO) — A major vote just came down in Minneapolis on a 400 million dollar project. It will have two towers and will likely be anchored by Wells Fargo.
It will also stretch five blocks and will have office space, retail and housing. The plan includes a park and a parking ramp next to the new Vikings stadium.
It’s a development that will reshape 5 city blocks currently owned by the Star Tribune.
The Minnesota Sports Facilities Authority is contributing about $26 million to the deal.
But all is not yet said and done. A Hennepin County judge is weighing a last-minute legal challenge, which he is expected to rule on next week.
The justice is considering a suit which claims that the city is violating spending limits of the Vikings stadium legislation by paying extra for the parking and park area.
Mayor-elect Betsy Hodges issued a statement, saying: “I am very pleased that Mayor Rybak and my City Council colleagues seized this ideal moment to maximize our opportunities for economic development in Downtown East. The project that Minneapolis’ leaders approved today will transform Downtown East into a bustling, connected hub of economic and retail activity. The Downtown East project will create thousands of construction and building trades jobs, and the development will house thousands of Wells Fargo employees in addition to employees of other downtown employers and retail outlets.
“Our entire city will be enriched by this development. Downtown East will showcase a beautiful, 4.2-acre public park, built with financing from the City and by private donations, including $1 million from the Minnesota Vikings. Our community will now house fantastic and connected new spaces to live and work, and the City of Minneapolis will collect tens of millions of dollars in taxes over the coming decades. Surrounding neighborhoods will be more connected by public spaces and with new green corridors and skyways. As we move forward with this project that so many in Minneapolis have worked so hard on, we will rebuild Downtown East as a neighborhood that people are excited to live, work and invest in.”