MINNEAPOLIS-The City Council’s Ways and Means Committee voted on Thursday to allow negotiations to begin between the city, development firm Ryan Cos., and the Minneapolis Sports Facilities Authority on a $400-million mixed-use project to be built near the planned new stadium for the NFL’s Vikings.
The vote was unanimous and clears the way for the City Council to consider the project at a meeting on Friday. The project, as proposed by locally-based Ryan Cos., would include office, residential and retail space within a city park to be built on the current site of the existing Metrodome, according to the TwinCities.com.
The proposal also calls for $65 million in general obligation bonds to be issued by the city in connection with the project.
Minneapolis Mayor R.T. Rybak, and Kevin Carpenter, the city’s chief financial officer, told committee members that it was too early to provide hard borrowing costs for the project, but expect the city’s financial exposure to be minimal. See story at TwinCities.com.