MINNEAPOLIS (KMSP) - Hennepin County is still on track to pay off Target Field debt by 2027 - a decade earlier than anticipated, the board announced.
The county invested $350 million in the construction of Target Field with proceeds from three bonds, which are payable solely from the 0.15 percent ballpark sales tax imposed in 2006.
Currently, Hennepin County has paid off $79.2 million of the bonds early. Favorable interest rates, early payments and shortening the debt have resulted in over $150 million of savings.
The sales tax also funds extended library hours and the county’s Youth Sports Program. According to the county, since 2009, $19.6 million of youth sports grants have helped fund 373 projects to build or improve sports facilities and playgrounds.
The funds also provide sports equipment and improved access to swimming lessons throughout the county.