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Ballpark Land

Minneapolis, MN: (Oct-15-07) The landowners of the Minnesota Twins ballpark brought charges against Hennepin County, over the building of the park. The dispute stemmed from a condemnation panel decree in August 2007, which set the value of the ballpark site at $23.8 million. During the condemnation hearings, a county appraiser estimated the site value at $17.2 million, while an appraiser for Land Partners II, which owns the Rapid Park site, placed the value at $65 million. Reports show that the landowners appealed that decision, sending the matter to arbitration.

As part of a settlement reached, the county agreed to pay the owners of the parkland $28.25 million, ending the long standoff between the two sides. The final price for the land is about $5 million more than the county originally budgeted for acquisition costs. Sources state that the county had set aside $23 million of its $90 million infrastructure budget to buy the Rapid Park site and pay for other easements and air rights. [MINNEAPOLIS BUSINESS JOURNAL: BALLPARK LAND]

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Published on Oct-16-07


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