NORTH MANKATO, Minn. (KEYC) — The North Mankato City Council’s work session on Monday followed up on the city council’s request in February 2019 for operating financial statements on the proposed Caswell Fieldhouse.
Different financial scenarios were looked at. Pro-sport operations showed scenarios of the facility financially breaking even. Scenarios, where the facility may not perform as anticipated, were done using comparisons to annual shortfalls of $45,000 to $111,000 from like-facilities, such as All Seasons Arena in Mankato.
“But that 40,000 to 111,000 dollars is roughly a half a percent to a percent property tax impact," City Administrator John Harrenstein said.
And as far as the anticipated overall impact Harrenstein touched on a four-year outlook.
“We anticipate this facility to draw at least 15,000 people to the region and have an annual impact of 2 million dollars in year four of operations. Our goal, long-term, is to match the impact of the Caswell softball and soccer complex," Harrenstein said.
Matching that would be 35,000 to 55,000 visitors and an $8 million impact by year four.
The City of North Mankato requests $10.5 million in state bonding, as well as $5.5. million from local option sales and use tax dollars approved by voters in 2016 and an additional $500,000 in general fund proceeds to build the facility.
The city council is being asked to approve the financial estimates at its next meeting.