Hennepin County signs off on lease for new Twins stadium
(AP) - The proposed ballpark for the Minnesota Twins advanced Thursday when the Hennepin County Board approved a 30-year lease binding the franchise to the facility, and granting the Twins almost every dollar generated within its walls.
"This is another huge milestone," said Dave St. Peter, president of the Twins. "Symbolically, it means a 30-year lease, which is a huge deal for this franchise. What this mean is the new ballpark is fast becoming a reality. We persevered for this and now we can see it."
The ballpark is scheduled to open in 2010.
The ballpark authority was to meet later Thursday to give its approval to the agreement.
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"We've got the roadmap for building the ballpark, and we've got the team committed for 30 years to playing in the ballpark."
Dan Kenney, executive director of the ballpark authority, said, "This is a huge step. Not only do we now have a roadmap on how to get this done, we also have a 30-year lease."
Under the deal, the Twins get to keep all revenue from ticket sales, advertising, naming rights, tours and concessions during baseball games. The team must share 10 percent of net revenues from nonbaseball events with the authority.
The team will be charged $900,000 in annual rent, with a portion of that subject to inflation. The money will flow into a maintenance fund.
Unlike the Metrodome, day-to-day operations of the ballpark will fall to the Twins.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
