St. Paul has signed off on the so-called "Phase 2" agreement on a new Lowertown Ballpark with developer Ryan Cos., city officials said today.
The latest agreement, which covers $44 million in costs, clears the way for construction to begin in earnest on the 7,000 seat stadium. The city is paying another $10 million of the costs directly, for site acquisition and other preparation. City officials signed a $9 million contract with Ryan Cos. last year for preliminary construction and design work on the project.
"The majority of the walls of the Diamond Products building are now gone," St. Paul Parks and Recreation Department spokesman Brad Meyer said. "We're getting the site ready for construction and in just over a month, a little longer, we'll see some construction cranes moving in and some new activity at the site."
The stadium will replace Midway Stadium, where the minor league Saints play now. City officials say the new venue will bring more people to St. Paul and help revitalize the downtown area.
Here's a financing summary released by the city today: