The notoriously slow 21 bus is finally being replaced
Why it matters: Saturday's opening of the B Line along Marshall Avenue and Lake Street marks the near-midway point of Metro Transit's plan to have 15 bus-rapid-transit lines in operation by 2035.
How it works: A third of the 13-mile route has red-painted lanes for buses (as well as bikes and vehicles turning right), plus pre-pay boarding stations, fewer stops and priority at traffic lights.
Metro Transit expects those enhancements will speed up service by 20%.
The 21 is the slowest local bus route in the metro. With an average speed of 8 mph, 5K runners often top that pace, Katie Roth, director of arterial bus rapid transit, said.
Follow the money: The two-year project cost $74 million, with roughly $43 million coming from the state, $16 million from the Federal Transit Administration and $16 million from local and regional sources.
Parking loss was minimal as previous Lake Street redesigns removed on-street spaces, Roth said.
The project also removed general traffic lanes on some of the busiest streets in the metro.
Zoom out: This is Metro Transit's seventh BRT route and it replaces the system's busiest local route, with 7,000 average daily riders.
In December, the E Line will replace the 6 route from Southdale Center to the University of Minnesota on France Avenue, Hennepin Avenue and University Avenue.
What they're saying: The B Line will not only connect to the E Line, but eight other bus rapid transit or light rail lines, including the new Green Line extension in 2027, Metro Transit general manager Lesley Kandaras said.
"So it's not just about opening the B line itself, but improving connectivity throughout our transit system," she said.
What we're watching: How much the only slightly speedier service lures more riders, as Metro Transit is still nowhere near its pre-pandemic ridership levels.
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Current portion of long-term debt 337,938 2,101,501 Total current liabilities 14,280,946 24,529,456 Long-term portion of operating lease liabilities 842,775 1,020,604 Long-term licensing liability and other liabilities 8,483,056 7,950,000 Long-term convertible debt 2,990,175 - Long-term debt, net of current portion 41,480,226 14,100,217 Total liabilities $ 68,077,178 $ 47,600,277 Commitments and contingencies - See Note 14 Mezzanine Equity Contingently Redeemable Convertible Cumulative Series B Preferred Stock, $0.001 par-675 authorized, 675 issued and outstanding at June 30, 2025 $ 10,125,000 $ - Stockholders' Equity Preferred stock, $0.001 par - 5,000,000 authorized, none issued or outstanding - - Series A Preferred Stock, $0.001 par - 4,750,000 authorized, none issued outstanding at June 30, 2025 - - Common stock, $0.001 par - 144,000,000 authorized, 40,080,292 issued and outstanding at June 30, 2025 and 37,471,465 issued and outstanding at December 31, 2024 40,080 37,472 Class B common stock, $0.001 par - 1,000,000 authorized, 379,990 issued and outstanding at June 30, 2025 and December 31, 2024 379 379 Additional paid-in capital 168,490,516 144,546,368 $ 91,688,804 $ 97,223,011 Treasury Stock, at cost - 276,245 shares at June 30, 2025 and December 31, 2024 (1,500,076 ) (1,500,076 ) Total Venu Holding Corporation and subsidiaries equity $ 90,188,728 $ 95,722,935 Non-controlling interest 73,654,617 35,094,303 Total stockholders' equity $ 163,843,345 $ 130,817,238 Total liabilities and stockholders' equity $ 242,045,523 $ 178,417,515 Expand (in US Dollars) For the six months ended June 30, 2025 2024 Net loss $ (31,736,344 ) $ (21,085,184 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity issued for interest on debt 291,680 229,400 Equity based compensation 13,024,382 3,255,506 Equity issued for services 277,900 7,000,000 Project abandonment loss - 668,402 Amortization of debt discount 2,332,923 1,134,815 Non cash lease expense 184,741 268,635 Depreciation and amortization 2,749,776 1,215,793 Noncash financing expense - 2,500,000 Non cash interest 496,583 - Changes in operating assets and liabilities: Inventories 31,166 (25,922 ) Prepaid expenses and other current assets (391,189 ) (28,097 ) Security deposit (25,250 ) 325,026 Accounts payable (2,781,721 ) 7,829,502 Accrued expenses 3,235,134 (142,528 ) Accrued payroll and payroll taxes (105,678 ) (98,149 ) Deferred revenue 360,730 506,378 Operating lease liabilities (185,469 ) (235,819 ) Licensing liabilities 756,389 2,800,000 Net cash used in operating activities (11,484,247 ) 6,117,758 Cash flows from investing activities Purchase of property and equipment (37,211,382 ) (31,259,314 ) Investment in EIGHT Brewing (1,999,999 ) - Investment in related party (5,262 ) - Cash acquired in acquisition of 13141 BP - 74,085 Net cash used in investing activities (39,216,643 ) (31,185,229 ) Cash flows from financing activities Proceeds from sale of non-controlling interest equity 24,454,237 22,895,000 Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock 10,125,000 - Distributions to non-controlling shareholders (251,785 ) (271,132 ) Principal payments on long-term debt (164,038 ) (153,001 ) Proceeds from issuance of shares - 25,251,341 Proceeds from exercise of warrants - 52 Payment for personal guarantee on convertible debt - (100,000 ) Payment of promissory note (2,000,000 ) - Receipt of convertible promissory note 18,000,000 - Net cash provided by financing activities 50,163,414 47,622,260 Net (decrease) increase in cash and cash equivalents (537,476 ) 22,554,789 Cash and cash equivalents, beginning 37,969,454 20,201,104 Cash and cash equivalents, ending $ 37,431,978 $ 42,755,893 Cash paid for interest $ 230,467 $ 189,992 Supplemental disclosure of non-cash operating, investing and financing activities: Property acquired via convertible debt $ - $ 10,000,000 Property acquired via promissory note $ 25,000,000 $ - Conversion of convertible debt and interest to common equity $ 25,000,000 $ - Debt discounts - warrants $ 1,486,329 $ 3,000,140 Accrued preferred stock dividends $ 16,875 $ - 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