Mayor Rybak Talks Finances for Parking Garage, Park Near Vikings Stadium

Updated: 12/05/2013 9:19 PM KSTP.com By: Leslie Dyste


Photo: Ryan Companies

Now we know how much the City of Minneapolis will spend to finance a new park and parking garage near the new Vikings stadium.

The city will borrow $55 million for the project.

A total of $22 million will go toward a two-block park between Portland and Chicago. Plus $33 million for the new parking ramp right across the street.

The mayor says revenue from the parking ramp will pay off the bonds.

The Vikings are now chipping in $1 million on the project. A private developer, Ryan Companies, will pay almost $4 million in bond fees.

The city council will vote on the project next week.