Farmers Market Plan-The Corridor - 11-03-2011
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Transcript of 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
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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
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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
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Billion Dollar Investment
Maximize Public Benefit
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Target Field RevisitedThe “Corridor”
Why Farmer’s Market?
MetrodomeMedical Campus
The “MEC” (Metropolitan Entertainment Commission)
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“Site too small and next to garbage burner”
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Rapid Park ‐ 1999Rapid Park ‐ 1999
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Twins Ballpark (Rendering by Albersman & Armstrong, Ltd. –2000)
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Twins Ballpark (Rendering by Albersman & Armstrong, Ltd. –2000)
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The “Sports Corridor” – 2002 Rendering by Duncan Malloch
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Connecting Regional Sports and Entertainment Through Transit
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?Arden
Hi l ls
Saint
Paul
Minneapol is
Mal l of Amer i ca
Si te
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?Arden
Hi l ls
Minneapol is
Mal l of Amer i ca
Si te
MSP Air por t
Saint
Paul
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?Arden
Hi l ls
Minneapol is
Mal l of Amer i ca
Si te
MSP Air por t
Saint
Paul
Vikings Stadium
Target Field
Target Center
Block EConvention Center
HCMC
MOA Field
U of M Hospital
U of M Sports
Xcel & RiverCentre
Union Depot
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Downtown East / North Loop Master Plan
Adopted October 2003
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Downtown East
Sports &Entertainment
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Why Far m er ’s Mar ket ?
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Farmer’s Market Site Location
34 Acres34 Acres
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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MetrodomeSite Location
22 Acres22 Acres
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Issues:
Rail, Bus and Bike
Parking / Roadway AccessSkyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim Location
Land Assembly
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Rail, Bus and Bike
Existing Metro BusTransit StationsExisting Metro BusTransit Stations
Hiawatha LRTCentral Corridor LRTSouthwest LRTBottineau LRTNorthStar Rail
Bike TrailInterchange StationMTC Bus Stations
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Issues:
Rail, Bus and Bike
Parking / Roadway AccessSkyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim Location
Land Assembly
Farmer’sMarket Site MetrodomeSite
+ -
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Farmer’s Market Site –Parking
Source: City of
Minneapolis,
and
aerial
survey
using
Earth
Pro
SITE
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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MetrodomeSite – Parking
Source: City of
Minneapolis,
and
aerial
survey
using
Earth
Pro
SITE
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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MetrodomeSite – Parking
Garage Parking: 5,600 (44%)Surface Parking: 7,000 (56%)
Total Parking: 12,600 (100%)
Source: City of
Minneapolis,
and
aerial
survey
using
Earth
Pro
Stadium
Footprint
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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MetrodomeSite – Parking
Average Walking
Distance = 3.6 Blocks
Stadium
Footprint
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Farmer’s Market Site –Skyway System
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
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MetrodomeSite –Bars and Restaurants
ALBERSMANARMSTRONGALBERSMANARMSTRONG
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
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Farmer’s Market Site –Redevelopment Need
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MetrodomeSite –Redevelopment Need
M t d Sit R d l t N d
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MetrodomeSite –Redevelopment Need
I
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
+ -
F ’ M k t Sit Hi h t dB t U
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Farmer’s Market Site –Highest and Best Use
Metrodome SiteMetrodome Site
Farmer’s Market SiteFarmer’s Market Site
ALBERSMANARMSTRONGALBERSMANARMSTRONG
F ’ M k t Sit Hi h t dB t U
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Farmer’s Market Site –Highest and Best Use
CentralBusinessDistrict
CentralBusinessDistrict
ElliotNeighborhood
ElliotNeighborhood
MedicalMedical
North Loop &Warehouse
North Loop &Warehouse
SportsSports
RestaurantsTheaters
RestaurantsTheaters
Mill CityDistrictMill CityDistrict
University
West
University
West
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Farmer’sMarket Site Highest andBest Use
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Farmer’s Market Site –Highest and Best Use
Housing, Medicaland Educational
Housing, Medicaland Educational
Sports andEntertainmentSports andEntertainment
ALBERSMANARMSTRONGALBERSMANARMSTRONG
CBDCBD
Issues:
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
+ -+ -
Cit y of Mpls Land Cost Analys is :
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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:
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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:
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
+ -+ -
+ -
InterimLocation (est $15million/year)
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Interim Location (est. $15 million/year)
Issues:
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Issues:
Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
+ -+ -
+ -
+ -
LandAssembly - Metrodome
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Land Assembly Metrodome
22 Acres22 Acres
ALBERSMANARMSTRONGALBERSMANARMSTRONG
LandAssembly–Farmer’sMarket
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Land Assembly Farmers Market
34 Acres34 Acres
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Issues:
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Rail, Bus and Bike
Parking / Roadway Access
Skyway System
Bars and Restaurants
Redevelopment NeedHighest and Best Use
Land Value
Interim LocationLand Assembly
Farmer’sMarket Site MetrodomeSite
+ -
+ -+ -
+ -
+ -+ -
+ -
+ -
? +
Summary :
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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
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Downtown East
Sports &
Entertainment
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Site
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ALBERSMANARMSTRONGALBERSMANARMSTRONG
Ste
Vikings Stadium Concept
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EnergyResource
Center
FootballFootball
BaseballBaseball
BasketballBasketball
Future LRT Extension
LRTStation
Theater,
Entertainment
Theater,
Entertainment
FarmersMarket
Tailgating,Railgating,
Trailgating
TheInterchange
Station
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Connection
Connection
4,600
Stalls
1,600Stalls
1,500Stalls
1,600 Stalls
550 Stalls
370Stalls
Twins Plaza
g p
1,150Stalls
Connection
Vikings Stadium Concept
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EnergyResource
Center
FootballFootball
BaseballBaseball
BasketballBasketball
Future LRT Extension
LRTStation
Theater,
Entertainment
Theater,
Entertainment
FarmersMarket
Tailgating,Railgating,
Trailgating
TheInterchange
Station
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Connection
Connection
4,600
Stalls
1,600Stalls
1,500Stalls
1,600 Stalls
550 Stalls
Twins Plaza
g p
Connection
FutureDevelopment
FutureDevelopment
FutureDevelopment
FutureDevelopment
Vikings Stadium Concept
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FootballFootball
BaseballBaseball
BasketballBasketball
Future LRT Extension
LRTStation
Theater,
Entertainment
Theater,
Entertainment
FarmersMarket
Tailgating,Railgating,
Trailgating
TheInterchange
Station
ALBERSMANARMSTRONGALBERSMANARMSTRONG
Connection
Connection
4,600
Stalls
1,600Stalls
1,500Stalls
1,600 Stalls
300 Stalls
Twins Plaza
g p
Connection
FutureDevelopment
FutureDevelopment
FutureDevelopment
FutureDevelopment
Vikings Stadium Concept
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ALBERSMAN
ARMSTRONG
ALBERSMAN
ARMSTRONG
g p
Vikings Stadium Concept
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ALBERSMAN
ARMSTRONG
ALBERSMAN
ARMSTRONG
Vikings Stadium Concept
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ALBERSMAN
ARMSTRONG
ALBERSMAN
ARMSTRONG
Vikings Stadium Concept
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ALBERSMAN
ARMSTRONG
ALBERSMAN
ARMSTRONG
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Metrodome Medical Campus
Downtown East / North Loop Master PlanAdoptedOctober2003
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Adopted October 2003
Downtown East / North Loop Master PlanAdoptedOctober2003
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Adopted October 2003
MetrodomeMedical Campus
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U of M Medical School
Mayo Satellite
Specialty Clinics
U of M Ambulatory CareMedical Device Incubator
HCMC
Housing
Metrodomere-use illustration
Met rodomeSi te
HCMC
LRT
Stat ion
Why the MetrodomeMedical Campus ?
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Proximity to the U of M
Parking Potential
Access to Transit
Identity OpportunityMedical Synergies
Roadway Access
Compatible with
Metrodomere-use illustration
Met rodomeSi te
HCMC
LRT
Stat ion
Emerging Development
Why Not?
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The Stadium Problem
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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
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The MEC“Metropolitan Entertainment Commission”
A New Model for Development,Ownership and Management of Sports,
Entertainment and Exhibition Facilities
Issues
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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…
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(Metropolitan Airports Commission)
The MAC Model
The MAC Model (Metropolitan Airports Commission)
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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
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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
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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)
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Summary:
User fees based budget
Taxing authority (not used since late 1960’s) Oversight by benefitting jurisdiction
Professional management
Accountable to legislature
Staggered terms provide political stability
Bonding authority
Power of eminent domain
The MEC Model (Metropolitan Entertainment Commission)
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Summary:
User fees based budget
Taxing authority (not used since late 1960’s) Oversight by benefitting jurisdiction
Professional management
Accountable to legislature
Staggered terms provide political stability
Bonding authority
Power of eminent domain
The Met ropolitan Enter tainment
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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
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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
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Lead with Private Money: $ 520 MFinish with Public Money: $ 480 M
Total: $ 1 Billion
(Estimates Only)
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Example Financing Plan – Phase I(Estimates Only)
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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
( y)
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)
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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
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Extend Vikings Lease for One Year
Create MEC Task Force:
Governance
Financing
Operations
Site selection
Lead with Private Sector Investment
Prepare for Legislative Session
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