POHLAD FAMILY CONTRIBUTES INCREMENTAL $55 MILLION TOWARD TARGET FIELD

Earlier today the Minnesota Twins organization provided an update on Target Field construction to the Minnesota Ballpark Authority.

 

As part of that report, the team stated that the construction of Target Field is progressing ON TIME and ON BUDGET.

 

Moreover,  the team reported that thanks to collaboration with the Minnesota Ballpark Authority and the project team of Populous and MA Mortenson, Target Field and Target Plaza are shaping up to be the world class facility we all envisioned and set out to build.

 

That exciting reality would not be possible without the continued support, commitment and investment of the Pohlad family to make this a GREAT public space.  To that end, the Pohlad family’s priorities in making additional investment decisions have been based on maximizing the experience of our loyal fans while, at the same time, creating an architecturally iconic public space for Minneapolis and the State of Minnesota. A space which is FAR MORE than a ballpark, but also incorporates a transit hub for commuter and light rail as well as a spectacular public plaza.

 

We truly appreciate the  Pohlad family’s willingness to go well beyond original $130 million obligation to make this not just a good ballpark — but a truly great destination with the most iconic design features and the best possible fan conveniences, amenities and community benefits.

 

To clarify, it should be noted that the Pohlad family has now committed an incremental investment of $55 million aimed at ensuring the long-term success of Minnesota’s new ballpark. The  incremental $55 million contribution has been earmarked for a variety of  uses, but largely have been focused on enhancements to the overall fan experience and ballpark design and architecture. In order to provide some context, please allow me the opportunity to recap the uses of these incremental project funds:

 

A.   Original Team Contribution Outlined in May 2006 Ballpark Legislation = $130 million

 

B.   Incremental Team Owner Contribution = $55 million

 

1.            The incremental $55 million contribution has been earmarked for a variety of uses, but largely have been focused on enhancements to the overall fan experience and ballpark design and architecture. In order to provide some context to the proposed resolution, please allow me the opportunity to recap the uses of these incremental project funds:

 

a.    Infrastructure Budget – $15 million has been added to the infrastructure budget by the Pohlads  to cover costs which could not be funded within the $90 million budget provided in the legislation.

 

b.    Architectural Enhancements – $22.5 million for ballpark enhancements, including:

 

(i)         The Roof Canopy — fully clad and lighted – This will make a stunning architectural statement whether in the day or night time while at the same time providing additional sun and weather protection for the fans in the upper deck.

 

(ii)        Minnesota Kasota Stone Inside and Outside – This premium finish has been hand set to enhance the beauty of the ballpark

 

(iii)       LEED Certification – Additional costs have been incurred to obtain LEED certification — one of the few ballparks to gain this environmentally significant recognition as a sustainable facility.

 

c.    Target Plaza – $4.5 million (with a matching amount from our partners at Target) to create an enhanced Target Plaza with green park-like spaces, outdoor seating and spectacular public art – This will provide a finished 12-month-a-year public space with amenities for the community’s use — not just on game days. This Plaza will also serve as the important “connection” to the downtown entertainment and business district.

 

d.    Fan Experience Enhancements – $7 million for Fan Enhancements, including:

                                          i.    Added Restrooms

                                         ii.    A Wrigley Field-like Roof Deck gathering space for fans.

                                        iii.    Scoreboard Size and High-Definition Enhancements

                                       iv.    Radiant Heat on Main Concourse spanning Foul Pole to Foul Pole

                                        v.    Technology Upgrades (Audio, Broadcast Quality, and Fiber Optics)

                                       vi.    Incremental Retail Spaces, enhanced finishes and seat upgrades.

                                      vii.    Iconic team-related signage

 

e.    $6 million to furnish and finish public and premium seating areas — this is over and above the amount covered by the base price of the ballpark.

 

C.   These additional commitments from the Twins owners bring the team’s total ballpark contribution to $185 million.

 

With additional support and funding of the MBA, MnDOT, the City of Minneapolis and of course Hennepin County providing $350 million – we are collectively well on our way to ensure that Target Field will soon be known as one of America’s premier urban ballparks, transit station and public plaza.

 

Thanks again to the Pohlad family for their commitment to enhancing Target Field for fans across Twins Territory.

 

Win Twins!!!

 

 

Dave St. Peter

President, Minnesota Twins