City officials have invested millions of dollars in downtown St. Paul through public-private partnerships, but there’s little to show for it.
A recent study commissioned by the St. Paul Area Chamber of Commerce praises the new downtown Xcel Energy Center, where Minnesotas National Hockey League team plays. The study contends that the public-private partnership fostered by Mayor Norm Coleman to create the arena will pump $103 million into St. Pauls economy this year has created 660 full-time jobs [and] generates $20 million in additional household income in St. Paul. Yet at the same time, the citys central business district is struggling with its highest office vacancy rate ever. In addition, older projects with public investment similar to the arena have failed. Can the arena perform as expected?
Thanks to David Gest
FULL STORY: This Space For Rent
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