TWolves and Lynx ownership think Minnesota fans “deserve” a new “awesome” arena.
Alex Rodriguez and Marc Lore now have controlling interest of the National Basketball Association’s Minnesota Timberwolves business as well as the Women’s National Basketball Association’s Minnesota Lynx franchise. Rodriguez wants a new Minneapolis arena because there is more money available from a new arena. “Back in the day, you could probably say it was a vanity, but today it’s a necessity. If you want to compete at the level we want to compete, year in and year out, a new arena is what our fans deserve,” Rodriguez said. “We’re in the very, very early stages. We’ve done a great deal of work over the last three years, but an arena in Minneapolis for our fans would be absolutely awesome.”
The Minneapolis arena opened in 1990, a 35-year-old arena is considered antiquated in this day and age. The venue received a $150 million renovation in 2017, $74 million from Minneapolis taxpayers and then owner Glen Taylor paying most of the remaining cost. The Minneapolis Office of Public Service released a statement which read that the city of Minneapolis still has two bond issues outstanding related to it, with about $49.5 million remaining. Minneapolis Mayor Jacob Frey is on record saying the city won’t help with arena financing but that does not mean Minneapolis won’t be throwing money into a proposed arena. There are always other ways to give a helping hand to a sports team owner. If the Timberwolves ownership wants to build an arena-village, there are mechanisms that would allow them to keep all the tax money generated within the development or not pay property tax. Instead there is something called PILOT, payments in lieu of taxes, one lump sum payment generally way below market value. There are creative solutions available and very soon someone will have to come up with a creative solution.
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