County board actions - plan to pay off Target Field debt decade early continues

Hennepin County, Minnesota sent this bulletin at 10/10/2017 03:52 PM CDT

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FOR IMMEDIATE RELEASE

Contact: Carolyn Marinan, Communications, 612-348-5969

County board actions

The board approved an action that keeps the county on track to pay off Target Field debt by 2027, authorized negotiation of a purchase agreement to sell property next to U.S. Bank Stadium and accepted grant funding to help young parents prepare for careers.

Action continues plan to pay off Target Field debt decade early

The board approved an action that will keep the county on track to pay off Target Field debt by 2027, a decade earlier than anticipated.

The county invested $350 million in the construction of Target Field with proceeds from three bonds. Those bonds are payable solely from the 0.15 percent ballpark sales tax imposed in 2006. To date, the county has paid off $79.2 million of the bonds early. Favorable interest rates, as well as the early payments and shortening the debt, have resulted in over $150 million of savings.

The sales tax also funds extended library hours and the county’s Youth Sports Program. Since 2009, $19.6 million of youth sports grants have helped fund 373 projects to build or improve sports facilities and playgrounds. In addition, funds provide sports equipment and improved access to swimming lessons throughout the county.

County to sell property near U.S. Bank Stadium to affordable housing developer

The board, voting as the Hennepin County Regional Railroad Authority, authorized the negotiation of a $2.45 million purchase agreement to sell surplus property next to U.S. Bank Stadium to affordable housing developer AEON. Located at 301 10th Avenue South, the 25,000-square-foot property was formerly part of the Dome Spur railroad corridor. The railroad authority purchased the corridor from Soo Line Railroad Company in 1991 and later transferred the corridor to the Metropolitan Council for the METRO Blue Line (Hiawatha), with the exception of this parcel. In August, the railroad authority issued a request for proposals for purchase of this property. AEON's proposal to develop affordable housing was selected.

Program continues helping young parents reach educational goals

The board accepted renewed grant funding from Minnesota Department of Human Services that will help more than 120 young parents with low incomes continue their education and prepare for careers. The program engages and supports young people who receive cash and food assistance to complete their high school diploma or GED and begin college or post-secondary career training. Hennepin County contracts with the MVNA, a subsidiary of Hennepin Healthcare System, and HIRED, a community non-profit organization, to operate the program.