Credit rating tumbles for Vadnais Heights after cutting rink
Thursday, August 8, 2013
Following the Detroit bankruptcy, the website Newsmax put together a "worry list" of cities to watch for financial troubles -- and Vadnais Heights made the list.
Vadnais Heights sold nearly $25 million in revenue bonds to build the second-largest dome in the state. Unfortunately, the sports center never began to break even and the City Council decided enough was enough and the sports complex is now on the market.
"It appears that they've been running shortfalls because, I suppose, the size of the community is too small for the size of the venue," David Vang, Ph.D. told FOX 9 News. "So, the city has been stepping up to the plate and honoring these shortfalls."
Originally published: 08/08/2013, KMSP-TV