New 50-year lease proposed for Gold Medal Park

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October 25, 2013
By: Ben Johnson
Ben Johnson

City Council Member Lisa Goodman (Ward 7) has announced a plan to preserve Gold Medal Park in its current state for the next 50 years.

The William W. and Nadine M. McGuire Family Foundation built the park partially on city property and agreed to a 10-year lease in June 2006. That agreement requires the foundation to pay Minneapolis $50,000 per year and pay for park maintenance and upkeep, which is another estimated $150,000 per year.

Goodman’s proposal would waive the $50,000 annual fee the foundation was paying and keep everything else exactly the same.

“We were worried that there wouldn’t be a lot of development associated with the park,” said Goodman. “Now that’s not a worry and I don’t think we need to be in the business of charging a private non-profit foundation rent in order to do something good.”

Negotiations for a similar deal are underway with the Guthrie Theater, which owns roughly 40 percent of the Gold Medal Park’s eight acres.

A hearing is scheduled to go before the Minneapolis Planning Commission in November, and City Council should vote on it before the end of the year. If approved, the new agreement would take effect in June.