The property is being acquired through the condemnation process.
The higher price reflects the rising land values in the area, as developers are turning their eyes to the riverfront in both Minneapolis and St. Paul. In this case, the rising price marks the lag time between the deal between the city and the theater company and a formal determination of property value by Hennepin County condemnation commissioners.
Late last month, condemnation commissioners concluded the city should pay $5.2 million to Rio Bravo LLC and $1.1 million to the Blexrud Family Partnership, the property owners.
It has yet to be determined who will pay the difference--the Guthrie, city taxpayers or acombination. Meanwhile, the Minnesota Legislature is still considering a $35-million bond request to help build the complex, while the Gurthrie itself is close to raising $75 million in private funds for the project.
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