Funding for San Jose Sharks Apparel Arena
In 1997 efforts were made to get state money to either renovate the existing NHL Jerseys arena or to construct a new one. Both of these efforts failed. People seeking to secure a team for St. Paul were again faced with disappointment when in May of 1997 it was announced that Raleigh, North Carolina would be the new home for the Whalers. This disappointment was short-lived when on June 25, 1997 the NHL announced its final approval for a new St. Paul Hockey Jerseys franchise. In 1998 the state approved an interest-free loan of $65 million to assist with nearly half the costs related to building a new arena. As allowed by the legislation the team reduced its state loan payment obligation when they negotiated use of the Sharks Jerseys arena with the Minnesota Amateur Sports Commission. The city funded its share of the cost predominately through the issuance of sales tax revenue bonds.
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