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City council finalizes deal details for Saints stadium - Bring Me The News

City council finalizes deal details for Saints stadium

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Another step forward for the new $62 million Saints baseball stadium as St. Paul's city council voted 5-0 Wednesday to issue $8.5 million in bonds toward construction of the Lowertown facility.

The Pioneer Press reported that the council then convened as the Housing and Redevelopment Authority and okayed a $600,000 loan to the Saints to make technical amendments to a downtown tax-increment financing district.

The loan funds will serve as a guarantee for an additional $8.8 million in bonds for the project approved Tuesday by the St. Paul Port Authority.

KSTP reports the city's overall contribution to the project adds up to $24 million.

Construction of the 7,000 seat stadium is expected to begin in April and will be completed in time for the 2015 season. In addition to Saints games, the stadium will also host youth baseball, college games and non-sporting events like concerts.

Earlier this week, the eight banks and financial institutions that will underwrite bonds for the new Vikings stadium in downtown Minneapolis were named.

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