Hennepin County (Minn.) is "on pace to pay off Target Field debt a decade ahead of schedule," according to Kelly Smith of the Minneapolis STAR TRIBUNE. The $555M ballpark and its surrounding infrastructure were built with $350M in funding from the county, or $675M total "with interest." The county "planned to pay it off in 30 years, or by 2037, but now expects to pay the debt" by '27. Excess revenue from the ballpark sales tax, plus lower interest rates, have "helped the county save money and pay off bonds sooner than anticipated." The county "paid off one of three series of bonds in November, 21 years sooner" than the $75M bond was initially due. Last week, the county refinanced $150M in bonds, which "could be paid off" by '32. An early payoff on the debt "would mean that taxpayers would see an early end to the sales tax, which equates to 3 cents on every $20 spent" (Minneapolis STAR TRIBUNE, 1/15).
Hennepin County Slated To Pay Off Target Field Debt Decade Ahead Of Schedule
