Latest venue renovation plan from Wild, St. Paul will cost $600 million
The Minnesota Wild and St. Paul Mayor Kaohly Her announced a $600 million plan on Tuesday to renovate the team's arena and connected venues.
Two-thirds of the money will go toward updating Grand Casino Arena, where the Wild play, and the remaining $150 million will be allotted to the RiverCentre and Roy Wilkins Auditorium.
Wild owner Craig Leipold called the complex the "economic engine of our city," saying it brings in $383 million in economic activity each year.
The city and the team will each contribute $162.5 million for Grand Casino Arena, with the city's part coming from an extension of an existing half-cent sales tax.
"Grand Casino Arena is one of the largest city-owned assets, and we are responsible for making sure it continues to anchor our downtown and economy," Her said. "This agreement ensures our facilities remain competitive — attracting top performers, cultural events, and, of course, sports. Above all, I am committed to being a good steward of taxpayer dollars. This framework is the most sustainable path to finish this project while honoring that responsibility."
The parties plan to ask for $200 million from the Minnesota Legislature — $125 million for the arena and $75 million for the other two venues.
Another $75 million will be needed for the Roy Wilkins Auditorium, and the principals plan to seek a "preferred partner" to put up the money.
The renovations would mostly be "behind the walls," Leipold said — upgrades to safety, infrastructure and amenities for sports teams and touring artists. He said the renovations would not necessitate a full shutdown of the buildings.
"We will not lose a hockey game in this building because of the renovation," Leipold said.
Her added she expects the renovations to "help attract additional investments, events and visitors to our downtown, which in turn will expand our tax base."
The team and city previously pursued a $770 million renovation project for the St. Paul complex, hoping lawmakers would approve $394 million in state funding. They then winnowed the project down to $488 million for just Grand Casino Arena, with an ask of $50 million from the state.
Leipold said the current plan is similar to the previous one, but that they have "economically downsized" some elements." Her said the encouraging part of this plan is there is a signed agreement between the Wild and the city, something that did not occur with the previous proposals.
Last year, Xcel Energy's naming rights for the Wild stadium expired, and Grand Casino stepped in on a 14-year agreement. The "X" from the sign that sat atop Xcel Energy Center recently sold for $21,200 at auction.
