The Vadnais Sports Center and commercial redevelopment project includes an approximately 83,000 square foot ice arena with two sheets of ice, locker rooms, and other amenities; a 100,000 square foot domed field; three new commercial buildings and a renovation of an existing building to house restaurants, shops, and other businesses totaling about 32,000 square feet. The Sports Center is scheduled to open Nov. 1 and the commercial buildings will be opening over a period of two years.
The $26.9 million redevelopment project is being made possible through a partnership between the City of Vadnais Heights and Community Facility Partners, a Twin Cities non-profit organization which works with local governments and non-profit organizations to develop public facilities. The financing package includes $11.5 million of tax-exempt recovery zone bonds which the City received through the federal government's economic stimulus plan.
Community Facility Partners will own the Sports Center and pay the debt on the bonds and for the complex's operating expenses. The City will be the Sport Center's "master leaseholder," and will be called upon to pay any short-term bond shortfall which may occur.
"The community is very, very excited about the project," said Susan Banovetz, Mayor of the City of Vadnais Heights. "Support for the Sports Center has been enthusiastic, and people are excited to have such a facility as part of our community. Annual leases for ice and field rentals will bring in at least $2.3 million in revenues. This, combined with additional projected revenues for advertising, name rights, and other items, will be what Community Facility Partners will use to pay the debt service and for operating expenses."
In addition to meeting the community's athletic and recreational needs, the project will redevelop a property that is being under-utilized, and will act as a catalyst for redevelopment throughout the Highway 61/County Road E area, according to Banovetz. The Sports Center will help distinguish Vadnais Heights and give it another destination point to assist our area hotels, restaurants, and retail businesses, she said.
View construction progress by clicking on this link http://oxblue.com/pro/open/oppidan/vadnaisheights.