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Article: Stadium panel's plan gets cool initial response; New Ballpark Inc. would have investors pay for half of a new stadium and the Twins pay the rest.(NEWS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- November 21, 2000
- Author:
CopyrightCOPYRIGHT 2000 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A group looking for ways to build a privately financed baseball stadium in Minneapolis proposes that developers and investors pay about half the cost and the Minnesota Twins pay the rest.
The proposal got a cool initial reaction from the team and some city leaders Monday.
New Ballpark Inc.'s preliminary financial outline for building a $260 million to $300 million stadium involves trading development rights to desirable parcels of city-controlled land for cash donations to the stadium project. The group also is looking for another private investment option, perhaps a preferred stock offering. Those sources would produce up to $140 million. Under the ...