Posts tagged with "star-tribune":

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Twin Cities celebrate first inter-city rail connection in decades

For a metro area as widely praised for its alternative transportation options as Minnesota’s Twin Cities, it’s surprising Minneapolis and St. Paul are only now celebrating a new light rail connection between their downtowns. The U.S. Department of Transportation called the Central Corridor, also known as the METRO Green Line, “the single largest public works project in the history of Minnesota.” The Twin Cities' Metropolitan Council says construction employed 5,500 people and created 200 permanent new operations jobs at a total cost of $957 million, $480 million of which was in federal funds, including TIGER grants. State and local governments split the rest. The METRO Green Line runs between Target Field in Minneapolis and Union Depot in St. Paul, stopping 23 times. Some 45,000 people rode the new transit line on June 14, its opening day, reminding many of the more than 500 miles of streetcar tracks that crisscrossed the Twin Cities 50 years ago. Some criticized the project for its costs, the Star Tribune reported, labeling the 11-mile route “the money train.” Others used an opening day with no major hang-ups to call for a slew of other rail projects around the city and state. Now that the Green Line's hoopla is over, as the Pioneer Press put it, “its real test begins.”
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Minneapolis City Council to vote on mixed-use makeover for Downtown East neighborhood

In its last scheduled meeting of the year, Minneapolis City Council could give the go-ahead on a $400 million mixed-use development near the new Vikings stadium. Surface parking lots currently occupy much of that land. The Minneapolis Star-Tribune editorial board called the Downtown East neighborhood “a part of the city’s commercial core in desperate need of new life.” The newspaper stands to benefit from the project, as the editorial announces—they plan to sell five blocks of nearby property, including their current headquarters, and move downtown. With 1.1 million square feet of office space, apartments, retail space, and a park, the Ryan Cos. project could attract tax revenue to the city, as Wells Fargo is reportedly looking to anchor the development as a corporate tenant. It also includes a 1,625-space parking ramp. Mayor R.T. Rybak said that over 30 years the project will generate $42 million in property taxes for the city, $50 million for Hennepin County and $35 million for the Minneapolis public schools. The public-private partnership does not call for tax-increment financing. Instead, it asks the City Council to approve $65 million in bonds, to be paid off by revenue from the project’s parking ramp over 30 years. The developer would cover shortfalls for the first 10 years. Minneapolis has embarked on several large-scale urban redevelopment projects, including a makeover of the city's "Main Street" by James Corner Field Operations.