A Minneapolis city council committee voted unanimously Tuesday to forgive more than $1 million in debt owed to the city by the Midtown Global Market. The proposal stipulates that the debt only comes off the books if the Lake Street market’s other lenders do the same. A representative from one of the lenders, Wells Fargo, said the bank is reviewing that option.
Even if lenders decide against forgiving all the debt, the city will allow the market to defer loan payments for ten years.
Council member Gary Schiff said debt relief for the market will help secure its viability for years to come.
“I can’t think of anything more powerful that we could do as a council than to help Midtown Global Market with long term debt,” said Schiff. “It will help their fundraising. It will help their long term stability. And it signals, I think, a new era of stability for the market that will be able to move on into the future.”
The committee postponed a vote on a free parking subsidy for the market.
Community Development Committee chair Lisa Goodman said she is willing to work out a compromise where the city might subsidize part of the parking cost while market merchants pick up another portion.