Farmers Market Plan-The Corridor - 11-03-2011

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Dave Albersman 612-349-2778 Mark Oyaas 612-338-0330 Bruce Lambrecht 612-349-2775

Connecting Regional Sports and Entertainment Through Transit

November 3, 2011

The Honorable Mark DaytonGovernor of Minnesota

130 State Capitol75 Rev. Dr. Martin Luther King Jr. Blvd.

St. Paul, MN 55155

Dear Governor Dayton:

For more than a year a group of interested citizens has been crafting and refining an urban revitalization plan thatincludes a new downtown Minneapolis site for the Vikings stadium, a redevelopment plan for the Metrodome, anexciting vision for what could be on the site of the current building, as well as a proposal for a new structure for financing and operating the region’s sports and entertainment facilities. The Stadium-related events of this past weekalone are ample evidence that we don’t have a system in place to make these important infrastructure decisions; we

have merely established a 55-year-long pattern of bad behavior. This submission is made in hopes that our State’sleaders will fill the void created by the collapse of the proposed funding formulas with a new framework thatrecognizes the potential power of a billion dollar stadium investment and harnesses that power to maximize publicbenefit.

We call our efforts “The Corridor” [www.corridormn.com]. This refers to a concept which leverages current andplanned fixed rail transit to connect the region’s major sports and convention facilities. It speaks to the synergies of asports and entertainment district in Minneapolis utilizing all of the transportation and transit infrastructure the public

has already paid for. From this perspective the plan is a roadmap for recruiting large scale sporting events likesoccer’s Gold Cup or the Pan Am Games. If properly managed a legitimate bid for the Olympics could be in reach.

On a macro level this proposal provides a means to come to grips with the ongoing crisis management thatcontinually clouds efforts to enhance the State’s sports infrastructure. We turn to the Metropolitan AirportsCommission (MAC) as an inspiring model for managing critical public assets and submit the MetropolitanEntertainment Commission (MEC) for your consideration. It is time to get the house in order. Between now and theregularly-scheduled legislative session it would be possible to convene a group of qualified and engaged citizens toform the MEC. They could consider governance, operations and financing options. Additionally this group could act

as an arbiter for site selection.

A MEC offers the opportunity to capture and consolidate the multiplicity of taxes and related publicly-generatedrevenues that could amount to $300 million which could be used toward immediate stadium needs. When combinedwith team owner contributions and other private sector support we submit that it is possible that the State contributionmay be a manageable $200 million. Our assumptions have been vetted by finance professionals from both the publicand pri ate sectors b t the need the scr tin that onl State re en e officials can appl

cc: Rep. Kurt Zellers, Speaker of the House Sen. Amy Koch, Senate Majority Leader Rep. Paul Thissen, Minority Leader Sen. Thomas M. Bakk, Minority Leader

Rep. Morrie Lanning (author) Sen. Julie Rosen (author)

Addresses:

Rep. Kurt Zellers (R) (District 32B)Speaker of the House463 State Office Building

100 Rev. Dr. Martin Luther King Jr. Blvd.Saint Paul, Minnesota 55155

Rep. Paul Thissen (DFL) (District 63A)House Minority Leader 267 State Office Building100 Rev. Dr. Martin Luther King Jr. Blvd.Saint Paul, Minnesota 55155

Rep. Morrie Lanning379 State Office Building100 Rev. Dr. Martin Luther King Jr. Blvd.Saint Paul, Minnesota 55155

Sen. Amy KochSenate Majority Leader 75 Rev. Dr. Martin Luther King Jr. Blvd.Capitol Building, Room 208St. Paul, MN 55155-1606

Senator Thomas M. BakkSenate Minority Leader 100 Rev. Dr. Martin Luther King Jr. Blvd.

State Office Building, Room 147St. Paul, MN 55155-1206

Sen. Julie Rosen75 Rev. Dr. Martin Luther King Jr. Blvd.Capitol Building, Room 322St P l MN55155 1606

Billion Dollar Investment

Maximize Public Benefit

Target Field RevisitedThe “Corridor”

Why Farmer’s Market?

MetrodomeMedical Campus

The “MEC” (Metropolitan Entertainment Commission)

“Site too small and next to garbage burner”

Rapid Park ‐ 1999Rapid Park ‐ 1999

Twins Ballpark (Rendering by Albersman & Armstrong, Ltd. –2000)

The “Sports Corridor” – 2002 Rendering by Duncan Malloch

?Arden

Hi l ls

Minneapol is

Mal l of Amer i ca

?Arden

Hi l ls

Minneapol is

Mal l of Amer i ca

MSP Air por t

?Arden

Hi l ls

Minneapol is

Mal l of Amer i ca

MSP Air por t

Vikings Stadium

Target Field

Target Center

Block EConvention Center

MOA Field

U of M Hospital

U of M Sports

Xcel & RiverCentre

Union Depot

Downtown East / North Loop Master Plan

Adopted October 2003

Downtown East

Sports &Entertainment

ALBERSMANARMSTRONGALBERSMANARMSTRONG

Why Far m er ’s Mar ket ?

Farmer’s Market Site Location

34 Acres34 Acres

MetrodomeSite Location

22 Acres22 Acres

Issues:

Rail, Bus and Bike

Parking / Roadway AccessSkyway System

Bars and Restaurants

Redevelopment NeedHighest and Best Use

Land Value

Interim Location

Land Assembly

Rail, Bus and Bike

Existing Metro BusTransit StationsExisting Metro BusTransit Stations

Hiawatha LRTCentral Corridor LRTSouthwest LRTBottineau LRTNorthStar Rail

Bike TrailInterchange StationMTC Bus Stations

Issues:

Rail, Bus and Bike

Parking / Roadway AccessSkyway System

Land Value

Interim Location

Land Assembly

Farmer’sMarket Site MetrodomeSite

Farmer’s Market Site –Parking

Source: City of

Minneapolis,

aerial

survey

Google

MetrodomeSite – Parking

Source: City of

Minneapolis,

aerial

survey

Google

Garage Parking: 5,600 (44%)Surface Parking: 7,000 (56%)

Total Parking: 12,600 (100%)

Source: City of

Minneapolis,

aerial

survey

Google

Stadium

Footprint

Average Walking

Distance = 3.6 Blocks

Stadium

Footprint

Farmer’s Market Site –Skyway System

Issues:

Rail, Bus and Bike

Parking / Roadway Access

Skyway System

Land Value

Interim LocationLand Assembly

+ -+ -

MetrodomeSite –Bars and Restaurants

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

Farmer’s Market Site –Redevelopment Need

MetrodomeSite –Redevelopment Need

M t d Sit R d l t N d

MetrodomeSite –Redevelopment Need

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

F ’ M k t Sit Hi h t dB t U

Farmer’s Market Site –Highest and Best Use

Metrodome SiteMetrodome Site

Farmer’s Market SiteFarmer’s Market Site

F ’ M k t Sit Hi h t dB t U

CentralBusinessDistrict

ElliotNeighborhood

MedicalMedical

North Loop &Warehouse

SportsSports

RestaurantsTheaters

Mill CityDistrictMill CityDistrict

University

Farmer’sMarket Site Highest andBest Use

Housing, Medicaland Educational

Sports andEntertainmentSports andEntertainment

CBDCBD

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

Cit y of Mpls Land Cost Analys is :

Farmer’s Market Site Metrodome SiteLow Estimate High Estimate Low Estimate High Estimate

Infrastructure: $69 Million $181 Million $30 Million $70 Million

PropertyAcquisition: $47 Million $47 Million $0 $0

Demolition: $3 Million $4 Million $3 Million $4 Million

Totals: $119 Million $232 Million $33 Million $74 Million

Difference: $86 Million $158 Millionmore than more than

Metrodome Metrodome

Source: Jim Nelson of Eberhardt Advisory

Land Valuat ion Com par ison:

Farmer’s Market Site Metrodome SiteValue/S.F. 1 Value Value/S.F. 1 Value

Assessed

Market Value: $14.84 $16,160,000 $32.58

$35,480,000

Recent Sales: $17.25 $18,785,000 No Recent Sales 3

100% CostPremium: 2 $29.68 $32,320,000 $65.16 $70,960,000

Source: Hennepin County Assessor’s Office1 Based on 25 Acres2 100% increase over assessors market value.3 Option in 2001 of bare land for $48.sq.ft.

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

InterimLocation (est $15million/year)

Interim Location (est. $15 million/year)

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

LandAssembly - Metrodome

Land Assembly Metrodome

22 Acres22 Acres

LandAssembly–Farmer’sMarket

Land Assembly Farmers Market

34 Acres34 Acres

Issues:

Rail, Bus and Bike

Skyway System

Land Value

+ -+ -

Summary :

Selecting the best location is more important than

simple implementation

A good location with flaws can be fixed, a flawlessplan in a bad location cannot

The stadium on the Metrodomesite is not compatiblewith current emerging development

Farmer’s Market site would give much needed boost tothis area of North Minneapolis

Downtown East

Sports &

Entertainment

Vikings Stadium Concept

EnergyResource

Center

FootballFootball

BaseballBaseball

BasketballBasketball

Future LRT Extension

LRTStation

Theater,

Entertainment

Theater,

Entertainment

FarmersMarket

Tailgating,Railgating,

Trailgating

TheInterchange

Station

Connection

Stalls

1,600Stalls

1,500Stalls

1,600 Stalls

550 Stalls

370Stalls

Twins Plaza

1,150Stalls

Connection

EnergyResource

Center

FootballFootball

BaseballBaseball

LRTStation

Theater,

Entertainment

Theater,

Entertainment

FarmersMarket

Trailgating

TheInterchange

Station

Connection

Stalls

1,600Stalls

1,500Stalls

1,600 Stalls

550 Stalls

Twins Plaza

Connection

FutureDevelopment

FootballFootball

BaseballBaseball

LRTStation

Theater,

Entertainment

Theater,

Entertainment

FarmersMarket

Trailgating

TheInterchange

Station

Connection

Stalls

1,600Stalls

1,500Stalls

1,600 Stalls

300 Stalls

Twins Plaza

Connection

FutureDevelopment

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

ALBERSMAN

ARMSTRONG

Metrodome Medical Campus

Downtown East / North Loop Master PlanAdoptedOctober2003

MetrodomeMedical Campus

U of M Medical School

Mayo Satellite

Specialty Clinics

U of M Ambulatory CareMedical Device Incubator

Housing

Metrodomere-use illustration

Met rodomeSi te

Stat ion

Why the MetrodomeMedical Campus ?

Proximity to the U of M

Parking Potential

Access to Transit

Identity OpportunityMedical Synergies

Roadway Access

Compatible with

Metrodomere-use illustration

Met rodomeSi te

Stat ion

Emerging Development

Why Not?

The Stadium Problem

The Current System is Broken and Dysfunctional:

Competition between government jurisdictions

Lack of coordinated planning

Financial burden not fairly shared

Finances difficult to understand

Duplicative facilities and management

Site selection based on crisis management

Public benefit not maximized

The MEC“Metropolitan Entertainment Commission”

A New Model for Development,Ownership and Management of Sports,

Entertainment and Exhibition Facilities

Issues

Billion Dollar Investment

Maximize Public Benefit Utilize existing freeway and major arterial systems

Capitalize on existing and planned transit

Maximize existing parking infrastructure/investment

Access to jobs

Strengthen urban core

Create sports and entertainment synergies

Create operational & management efficiencies

Should accomplish more than just a stadium

Fix ing the Problem…

(Metropolitan Airports Commission)

The MAC Model

The MAC Model (Metropolitan Airports Commission)

Operates and Manages:

Minneapolis/Saint Paul International Airport

Saint Paul Downtown Holman Field Flying Cloud Airport

Crystal Airport

AirlakeAirport

Lake Elmo Airport

Anoka County – Blaine Airport

The MAC Model Versus

Similarities:

Large publicly-owned facilities

Multiple large tenants (e.g. Twins & Vikings / Delta & Sun Country)

Multiple revenue streams

Capital & ongoing financing needs

Recognized public benefit

Spor ts & Entertainment Facilit ies

The MAC Model Versus

Differences:

Compensatory – landside and terminalrevenue flows to MAC

Single management

Oversight by statewide representation

Capital cost recovery based on user fees

Accountable to legislature

Residual – revenue flows toteam owners

Multiple owners/management authorities

Regional and local oversight

Capital cost recovery based on taxes

Accountable to local sponsors

Metropolitan Airports Commission Sports & Ent. Facilities

Spor ts & Entertainment Facilit ies

The MAC Model (Metropolitan Airports Commission)

Summary:

User fees based budget

Taxing authority (not used since late 1960’s) Oversight by benefitting jurisdiction

Professional management

Staggered terms provide political stability

Bonding authority

Power of eminent domain

The MEC Model (Metropolitan Entertainment Commission)

Summary:

User fees based budget

Taxing authority (not used since late 1960’s) Oversight by benefitting jurisdiction

Professional management

Staggered terms provide political stability

Bonding authority

Power of eminent domain

The Met ropolitan Enter tainment

MEC Phase I:

Target Center

Target Field

Minneapolis Convention Center

Mall of America Field (Metrodome)

Commission (MEC)

MEC Phase II:

Xcel Center

RiverCentre

Midway Stadium

Potent ial Financ ing Plan – Phase I

Metropolitan Entertainment Commission (MEC):

Lead with Private Money

Team owners

Corporate investment

Maximize Unencumbered Existing Revenue Streams

Capture TAD garage revenues

Refinance Minneapolis Convention Center Sell MetrodomeDevelopment rights

Refinance Target Field

Sell naming rights / sponsorships

Realize Management Efficiencies

Finish with new public money

Example Financing Plan – Phase I

Lead with Private Money: $ 520 MFinish with Public Money: $ 480 M

Total: $ 1 Billion

(Estimates Only)

Example Financing Plan – Phase I(Estimates Only)

Finish with Public Money:Reduce Bureaucracy $ 20 M1

TAD Garages $ 50 M2

Convention Center $ 50 M3

HC Twins Bonds $100 M4

Twins/VikesEnt. Tax $ 50 M5

Sale of Metrodome $ 30 M6

Add’l Public Contribution $180 M7

Total: $480 M

1. Reduced admin. expenses bonded over 30 years.2. Assumes all net revenues after 5pm weekdays and weekends from events.3. Assumes refinance of current taxes used for Convention Center. Extend and refinance of debt., Assumes 3% food

and liquor, 0.5% sales tax already in place and extended.4. Assumes use of excess revenue already being collected for Twins games, 0.15% sales tax.5. Assumes 3% entertainment tax already in place for Twins games as well as 3% Vikings entertainment tax.6. From published reports.7. Gaming, bonding, legacy funds or foundations.

Why MEC? (Metropolitan Entertainment Commission)

Eliminate duplicative bureaucracies

Take politics out of the planning process

Broader representation by benefiting jurisdictions Establish ongoing funding

Reduce leverage of team owner

Transparency

Maximize public benefit

Next Steps

Extend Vikings Lease for One Year

Create MEC Task Force:

Governance

Financing

Operations

Site selection

Lead with Private Sector Investment

Prepare for Legislative Session

Farmers Market Plan-The Corridor - 11-03-2011

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