Under Ventura's plan, no new state taxes would be imposed but the host community will be expected to help pay off the bonds.
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| Session Updates and Press Conferences Date: Friday, March 15, 2002 | |
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| Governor Ventura, Finance Commissioner Pam Wheelock and Assistant Commissioner Peter Sausen unveil a proposal for a new major league baseball stadium. The plan calls for the state to issue $330 million in revenue bonds for the new ballpark. The taxable bonds would be sold at today's interest rate of 6.5%. The Twins would be expected to pay one-half the stadium cost ($165 million) upfront as a non-refundable gift (the investment earnings wouldn't be taxable.) The interest earned on that gift (estimated at 8.5%) would pay the principal at the end of 30 years and would fund roughly one half of the interest payments over the 30 years. The Twins would make annual payments of approximately $10 million each year to provide the rest of the interest payment. Under Ventura's plan, no new state taxes would be imposed but the host community will be expected to help pay off the bonds. |