The Twins would be required to provide $165 million as a gift that would be invested at an 8.5% interest -- about 2 percentage points higher than the interest on the bonds. The Twins would be responsible for an additional $10 million a year to service the total debt, estimated at $21.5 million a year during the 30 years of the bonds.
Twins officials have told legislative leaders they can work with the plan, and like it because it allows them unlimited access to the revenues a ballpark can generate. That said, they are expected to need St. Paul or Hennepin County -- whoever hosts the ballpark-- to impose a sales tax at bars and restaurants to help pay for it.
House Republican leaders, meanwhile, said they plan to drop a newspaper and magazine sales tax from a stadium bill and move toward Ventura's proposal. The bill is scheduled to be considered by the full House late this week.
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