Minnesota’s House Minority Leader is upset with the most recent estimate for renovating the State Office Building.
GOP Representative Lisa Demuth of Cold Spring says that the price tag is “financial insanity.”
In a letter to Demuth, Minnesota Management and Budget said that its lowest bid for financing the project was an interest rate of 4.39 percent, bringing the cost of construction and financing to more than $729 million over 20 years.
The agency told Demuth that the $35.9 million annual figure through 2044 is the highest potential amount taxpayers are on the hook for… and it could fall — if refinancing is possible during the term of the loan.
GOP leadership says the cost of the State Office Building is more than the capitol restoration and Minnesota Senate Building projects combined.