MOA Expansion Cost vs New Twins Stadium Cost

The latest numbers on the Twins stadium:

Cost: $544.4 million (including site acquisition and infrastructure)
Public financing: $392 million from a 0.15 percent sales tax in Hennepin County
Private financing: $152.4 million from the Twins

Those are ballpark figures (*ba DUM bum*). I also read $522/$387/130 + about $5/year for naming rights. Looks like the more recent the estimates, the higher all figures are.

The latest numbers on the MOA expansion:

Cost: $1.9-2.1 billion
Public financing: $371 million from a TBD sales/food/lodging tax in Bloomington
Private financing: $1.5-1.8 billion

Again, costing varies depending on the date of the article. Here’s what you get in Phase II of the MOA. Phase I puports to bring $1.8 billion/yr to the city of Bloomington. Slightly off topic, I wonder how this will affect the Waterpark of America.

Part of the hang up here is the financing of the parking ramp to the tune of $186-$204 million. The parking ramp funding will certainly have implications for whatever large projects follow it (like a Vikings Stadium).

But… just look at the disparity in public vs private financing. The only direct comparison of benefit I turned up in my cursory research is that the state expects to collect $10 million/year from ballpark-related sales and player income taxes. The MOA pays $55 million/year in state and local taxes.

Tell me how the relative cost of taxpayer burden is worth what the venture brings to the region (yes, I know it costs me personally about $30/year for the Twins stadium). I’ll add in my argument for the social and cultural benefit of having a common cause that unites us.

Maybe I should wait to see how they go about approving the tax in Bloomington before I come to a conclusion. Maybe the residents will get a choice in the matter.

[Hennepin County/Twins Ballpark Fact Sheet (pdf)]

4 Comments so far

  1. Art (artallen) on April 30th, 2008 @ 8:27 pm

    Y’know, every time I go to the Mall of America I wish it was just a little bigger. I’m glad my wish has been granted.

    Two comments on the Phase II document:

    1. Nice IKEA ad, guys

    2. "Corona, the number one selling beer in the world." … seriously?

    OK, so, I did a little research, and that’s total bullshit. I can find nothing on the internet that says anything about Corona being anything above fourth. The most official-looking and recent source I could find was a market research wiki page listing the 10 top-produced beers (which is, technically, not sales, but I think it’s close enough for our purposes) as follows:

    1 Budweiser USA Anheuser-Busch 38.1
    2 Bud Lite USA Anheuser-Busch 37.1
    3 Skol Brazil InBev 27.2
    4 Corona Mexico Grupo Modelo 23.0
    5 Heineken Neth. Heinken 18.8
    6 Coors Light USA Coors 16.6
    7 Asahi SuperDry Japan Asahi 16.0
    8 Miller Lite USA SAB Miller 15.9
    9 Brahma Chopp Brazil InBev 13.9
    10 Polar Venezuela Cerveceria Polar 12.3

    So, Corona can suck a dick. They aren’t shit. Unfortunately, Budweiser is what proves them wrong. Oh well.

  2. derushaj on April 30th, 2008 @ 8:30 pm

    Erica: are you expressing ambiguity on the Twins deal or the MOA deal? The MOA deal has a much greater percentage of private payment, for sure.

  3. Erica M (ericam) on April 30th, 2008 @ 10:21 pm

    My point is that the MOA project is four times bigger than the Twins stadium with a more obvious economic benefit to the region and both projects are asking for the same amount of public funding. Boo, Twins!

    But I’d still be irritated if the proposed tax on the city of Bloomington gets pushed through without any say by the residents.

  4. derushaj on April 30th, 2008 @ 10:28 pm

    Gotcha. I love the Twins… but the numbers don’t lie, and the initial investment in the Mall of America has probably been the most profitable investment of public money in Minnesota history.

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