Mayor’s budget proposes $600,000 for downtown assets, including $500,000 to support WWE SummerSlam

Jeff Johnson, general manager of the Minneapolis Convention Center, told the Budget Committee on Sept. 22 that the downtown assets fund remains the primary support for the convention center, Target Center and related hospitality assets. He outlined a plan that asks the council to add two one-time items totaling $600,000: $500,000 to support the WWE SummerSlam 2026 event and $100,000 to study the convention center’s competitive climate and identify investment priorities.

Johnson said local option hospitality taxes — established by the state in 1986 and collected as a variety of local sales and lodging levies — generate roughly $100 million annually, with about $20 million paying debt on U.S. Bank Stadium and the remainder supporting the general fund and hospitality assets. “These taxes bring in about a $100,000,000 a year,” he said.

On the WWE SummerSlam request, Johnson said the event will use multiple city venues and that “about a 150,000 people from 50 states all 50 states and about a dozen international markets will travel to Minneapolis… Much like the Super Bowl and the Bridal, the event also gives back to our community through its youth programs.” He told the committee data from other host cities suggests Minneapolis could expect over $100 million in economic impact.

Johnson summarized 2025 performance as mixed: live-event ticket taxes and concerts have rebounded strongly after the pandemic while other hospitality tax streams remain below prior levels. He said convention center revenue underperformed projections by more than 5% in 2025 and that bookings are typically planned five years in advance; many 2026 bookings were secured during the pandemic period.

The $100,000 proposal for a competitiveness study is meant to “gather information to make informed, smart and strategic plans that specifically identify actions we could take,” Johnson said. He described the study as flexible and not solely a traditional “study,” saying it will follow up on Meet Minneapolis’ destination management plan and help define specific facility or district investments.

Council members asked for details about how 2026 recovery would be achieved. Johnson said efforts include reassessing pricing and food-and-beverage offerings, monthly coordination with Meet Minneapolis on sales and marketing, and leveraging recent additions to Meet Minneapolis’ sales resources. Council Member Cashman noted the importance of hospitality jobs and downtown amenities for residents and asked for specifics on marketing to regional visitors.

Johnson said the downtown assets fund recommendations would be added to the Meet Minneapolis contract to reimburse event expenses where appropriate. The Budget Committee filed the presentation for the record after questions.