The Park Development Foundation announced today it has finalized an agreement with the City of Minneapolis and Guthrie Theater to oversee and maintain Gold Medal Park through 2065.
The 7.5-acre park, which features a 32-foot high mound as its focal point, opened in 2007 and was designed by Tom Oslund. William McGuire, former UnitedHealth Group CEO, and his family are the park's benefactors and founders of the Park Development Foundation.
The foundation's initial agreement with the city was a 10-year lease set to expire in 2015, which required the foundation to pay Minneapolis $50,000 per year and pay for park maintenance and upkeep.
City Council Member Lisa Goodman (Ward 7), who spearheaded efforts to secure the new 50-year lease, said: "I am absolutely thrilled that all the partners have come together and figured out a way to support this amazing space, and to maintain this community asset for the next 50 years."
McGuire said it's been "an honor" for his family to be involved in the creation of Gold Medal Park.
"It is equally gratifying to know that all of us will be able to enjoy this spot for years to come, even as we pursue developing other green spaces that will further enhance our community," he said.