Updated: 07/10/2013 7:37 AM KSTP.com By: Jay Kolls
It is the largest proposed development in Minneapolis in 25 years and costs $400 million, but it has no signed contracts between any of the major players in the project.
Yet, a key Minneapolis City Council committee approved the "concept" of the plan, which includes a nine-acre park in the middle of the development. Under the current proposal, the city would finance the park and a nearby parking ramp for $65 million with an additional $15 million needed to finish development of the park.
Minneapolis Mayor R.T. Rybak tells KSTP that taxpayers would not pay for the additional $15 million. Rybak says that would hopefully come from private sponsors and charitable donations.
Ryan Companies wants to build a new office and condominium complex right next to the new Vikings Stadium, and the park called "The Yard" would be right in the middle of the development.
But a Ryan spokesperson tells KSTP the office complex does not have a signed contract with a business yet and they have not yet purchased the land from the Star Tribune to make the development happen.
The approval of the idea from the Community Development Committee now puts city staff on board with trying to tie up all the loose ends of the deal.
The full city council will vote on the "concept" of the development July 19.