Report: Sales tax key in Twins extending Target Field lease to 2059
The Twins have played home games at Target Field since it opened in 2010 and according to a report from the Star Tribune's Christopher Magan, they have begun the steps of extending a lease with the stadium until 2059.
The Twins' current lease agreement with the Minnesota Ballpark Authority runs through 2039, and the extension through 2059 is dependent on the sales tax used to help build Target Field becoming a fixture that generates more than $10 million annually for stadium maintenance.
It's the same deal the Twins agreed to in 2024 before the sales tax proposal didn't make the cut in Hennepin County's spending bill. The current 0.15% sales tax in Hennepin County generates more than $50 million each year, with a chunk of that money going to Target Field's needs.
Specifically, according to the Star Tribune, the proposal would send $9 million annually to a fund managed by the Minnesota Ballpark Authority, along with another $3 million per year through 2027 before it dips to $1.25 annually beginning in 2028.
Additionally, the ballpark authority would receive $9 million over the next three years into a separate capital fund to maintain and improve the public infrastructure surrounding the stadium. After 2028, that fund would receive $1.25 million a year.
The deal also required the Twins to contribute $4.5 million annually for ballpark improvements.
There is optimism the agreement will be finalized this time around, per Magan, but the proposal still needs to pass through the legislature.
Whether or not the proposal is passed or denied, the Pohlad family, who have owned the Twins since 1984, appears focused on completing a sale of the Twins by Opening Day 2025.