St. Paul said today it’s getting an extra $1 million in state money for a new $63 million Lowertown Ballpark, and the city is chipping in a little extra up front for maintenance to make sure the place is up to snuff when it opens.
The project is still being paid for with $27 million from the state, $11 million from Saints and about $24 million from St. Paul, including a $5 million internal loan. The state’s Department of Employment and Economic Development is pitching in a last minute $1 million to fund some soil remediation costs.
There were only a few new details in a pair of documents posted on the City of St. Paul’s website, ahead of next week’s council meeting. The development agreement and the lease lay out the terms for building and running the new 7,000 seat stadium, scheduled to open in 2015.
The city also outlined its much-touted revenue sharing deal, designed to help pay back the $9 million in cost overruns that resulted from unexpected soil contamination at the site, the former Diamond Products factory on the east edge of downtown. Here’s the breakdown:
Revenue Sharing from Annual Net Ballpark Revenues in excess of $500,000 as follows:
- (A) $500,001 to and including $1,500,000 = 5% shared with City;
- (B) $1,500,001 to and including $2,500,000 = 7.5% shared with City;
- (C) $2,500,001 and above = 10% shared with City.
Other new details: Although the Saints are responsible for maintaining the park, the city is putting in an extra $75,000 for the first three years for groundskeeping to see that the new park gets a quality start. St. Paul also is giving the Saints the first $500,000 worth of naming rights fees. Above and beyond that, the proceeds will go to pay back the internal $5 million loan that the city is using to close the $9 million funding gap that cropped up earlier this year.
Here what the clawback looks like, by potential sale date of the team:
- First pitch – City gets 10%
- May 2017: City gets 4%
- May 2018: City gets 3%
- May 2019: City gets 2%
- May 2020: City gets 1%
- After May 2020: City gets nothing
Parks and Recreation spokesman Brad Meyer says city officials expect demolition to wrap up in the middle of November. The city expects to release final costs and plans early next year. Excavation on the site could begin this fall, with updated design drawings ready before Halloween.