Join us for November's Legislative Breakfast program, Minnesota Vikings Stadium: Economic Realities of the "People's Stadium," on Friday, November 15th from 7:30am - 9:00am at the Commons on Marice (1380 Marice Drive, Eagan).
With the official groundbreaking on the new Minnesota Vikings stadium just days away, join us to hear the latest news and insider information regarding the stadium’s public financing overview, partnership updates, SuperBowl bid headlines, locker room frustration, electronic pull-tab revenue forecasts, and the latest design and construction updates.
Panelists include Lester Bagley, Vice President of Public Affairs/Stadium Development, Minnesota Vikings; Michele Kelm-Helgen, Chair, Minnesota Sports Facilities Authority; and Ray Bohn, Allied Charities of Minnesota.
Investment: DCR Members - $25 per person, Non-DCR Members - $35 per person. To register, contact Jessy Annoni at 651.288.9202 or jannoni@dcrchamber.com.
The total project cost will be $975 million, which includes approximately $700 million toward the cost of construction. Additional costs include land acquisition and remediation, administrative fees, contractor fees, etc.
Of the project’s $975 million upfront capital costs, the Vikings have guaranteed that $477 million, or 49%, will be privately covered. The team will rely on a combination of private financing and equity, as well as NFL financing in the form of a loan repaid by stadium revenues. The Vikings also have the option to use Stadium Builder’s Licenses (SBLs), a financing mechanism used in many stadium projects.
The remaining $498 million public contribution will be split between the City of Minneapolis and the State of Minnesota and will not include new taxes or have a negative impact on the State’s general fund. The City’s $150 million contribution will be paid by redirecting a portion of the current “Convention Center Taxes,” while the State will issue appropriation bonds for $348 million. The appropriation bonds will be repaid through the modernization of State-authorized charitable gaming that includes electronic pull-tabs and bingo.
Thank you to our Sponsor - Pawn America!
