Upper Harbor Amphitheater Financing
At a glance
Based on human-uploaded captions, which may still contain errors in names and numbers.
- What: a $2 million city loan to Port of Minneapolis LLC to help build the performing arts amphitheater at the city-owned Upper Harbor site, and revised lease terms for parcels 7A and 7B, including design rules for a marquee billboard that may move to parcel 7A.
- Where it stands: approved by voice vote on October 20, 2026 with no questions.
- Next: full City Council action; staff called the approvals time sensitive for keeping construction on schedule.
Details
- Loan terms: 7% interest, interest capitalized and payments deferred until December 2028; funded from the Common Project TIF pool, which is restricted to eligible construction.
- Costs rose from upgraded electrical and plumbing utilities and unforeseen soil conditions. Groundbreaking was April 2026 and the adjoining regional park opened this fall.
Sources
- 2026-10-20 - Business, Housing & Zoning Committee (video of the October 20, 2026 meeting)
- 2026-10-20 - Business, Housing & Zoning Committee
- Minneapolis agenda portal: https://lims.minneapolismn.gov
Discussion time
About 5 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-20 - Business, Housing & Zoning Committee | 5 |
Log
- 2026-10-20 - Business, Housing & Zoning Committee - CPED staff presented; no questions; approved by voice vote.
2026-10-20 - Business, Housing & Zoning Committee
Marked agenda: $2,000,000 loan to Port of Minneapolis, LLC and revised lease terms approved.