The ballpark would replace the 20-year-old Metrodome in Downtown Minneapolis.
Ventura had opposed state subsidies for a sports stadium, and the new bill follows his staff's proposal that the state act as a banker for the deal. The Twins would contribute $120 million up front and $10 million annually for rent as part of a 30-year lease to usethe ballpark, while the state would issue up to $330 million in revenue bonds. Arbitrage earning on the Twins' up-front money would help pay off the bonds.
The host city--St. Paul is the frontrunner--would also help pay for the stadium throughthe addition of taxes on restaurant meals and alcoholic beverages, hotels and parking. The city's role would be subject to local public referendum.
Minneapolis, where local participation was limited by a 1997 referendum, had hoped to form a partnership with Hennepin County, but county involvement was ruled out by the stadium bill. A new referendum in Minneapolis could reverse the 1997 vote, but city officials are reluctant to have their city go it alone.
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