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Summary - (Twins) Ballpark Plan PDF Print E-mail
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Selection of Docs
Written by New Twins Ballpark   
Saturday, 23 April 2005 12:00

Hennepin County/Twins Proposal

(Dollars in Millions)

               
    

Team Share

 

County Share

 

Total

               

Project Costs

            

 

Ballpark Construction Costs

 

 

$125

 

 

 

$ 235

 

 

 

$360

 

 

On/Off Site Development Costs

 

 

-

 

 

 

84

 

 

 

84

 

 

Total Project Costs

 

 

 

$1251

 

 

 

$3191

 

 

 

$444

Sources and Uses Statement2

 

 

 

 

 

 

 

 

 

 

 

 

 

Approximate Sources of Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Team Up-Front Cash Contribution

 

 

$ 40

 

 

 

 

 

 

 

$ 40

 

 

 

Team Second Cash Payment/Financing

 

 

85

 

 

 

 

 

 

 

85

 

 

 

Net Proceeds From County Financing

 

 

 

 

 

 

$ 319

 

 

 

$319

 

 

 

Total Sources

 

 

$ 125

 

 

 

$ 319

 

 

 

$444

 

 

Approximate Uses of Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballpark Construction

 

 

 

 

 

 

 

 

 

 

$360

 

 

 

On/Off Site Development Costs

 

 

 

 

 

 

 

 

 

 

84

 

 

 

Total Uses

 

 

 

 

 

 

 

 

 

 

$444

 

Estimated Sizing of County Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Proceeds from County Debt Issuance

 

 

 

 

 

 

 

 

 

 

$319

 

 

Issuance Cost/Debt Service Reserve/Bond Insurance

 

 

 

 

 

 

 

 

 

 

34

 

 

Total County Debt Issuance

 

 

 

 

 

 

 

 

 

 

$353

 

 

Estimated Annual County Debt Service Payment

 

 

 

 

 

 

$21.5

 

 

 

 

 

 

Estimated Annual Tax Revenue Required at 130% Coverage

 

 

 

 

28

 

 

 

 

 

 

Estimated Annual Sales Tax Proceeds at .15%

 

 

 

 

 

 

28

 

 

 

 

 

County Debt Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Interest Rate (Variable and Fixed Rate Debt)

 

 

 

4.75%2

 

 

 

 

 

Coupon Range

 

 

 

 

 

3.4%-51.5%

 

 

 

 

 

Assumed Underlying Rating

 

 

 

 

 

 

"A"

 

 

 

 

 

 

Insured Rating

 

 

 

 

 

 

"AAA"

     
               

1

The team share can increase to $127.5; the County share can increase to $321.5 based on cost sharing

 
 

associated with surface parking.

            

2

It is assumed current market rates plus 50 basis points.

 
 
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