Minneapolis Observer: Park Board Likely to Buy Struggling Edison Hockey Arena
» Minneapolis Park Board officials have agreed in principle to acquire the cash-strapped Edison Civic Arena from the city.
Under the terms of the proposed sale, the Park Board would pay the city $710,000 for the facility at 1306 Central Avenue NE and manage it as part of its normal operations. The sale would allow the city to retire the bonds it issued to build the arena a decade ago and give the Park Board a second indoor ice arena to ease the pressure on the heavily used Parade arena.
The city also hopes to recoup the $187,000 in delinquent lease payments owed by the Edison Youth Hockey Association, which has been managing the facility since it opened. City finance director Patrick Born said the debt could be erased through a profit-sharing agreement with the Park Board. «
Profit-sharing? After ten years of losing money, how is the Park Board going to suddenly turn it profitable?
And just where is the MPRB going to get $800,000 to pay for this arena? They still have to come up with the $900,000 to pay the contractors for the Skatepark fiasco at Ft. Snelling by November.
Read the entire article at the Minneapolis Observer web site.