Thursday morning was a busy one for the Vikings, as Governor Mark Dayton was joined by State Legislators, Minneapolis Mayor R.T. Rybak, business and labor leaders, and team owners Zygi and Mark Wilf at the State Capitol to an agreement to build a new “People’s Stadium” on the current Metrodome site.
Hopefully many of you watched the press conference live on vikings.com, but for those of you who weren’t able to do so, here’s a brief rundown of the basics…
– The site is located adjacent to the current Metrodome site, and construction of the new stadium could be structured in a way that the Vikings would have to play just 1 season at TCF Bank Stadium. The new fixed-roof stadium will be 70% larger than the current Metrodome and will include modern fan amenities that will provide a first-class game-day environment for fans.
– The stadium will be a multi-purpose facility that will be open year-round to host events such as, but not limited to, NCAA Final Fours, trade shows and conventions, high school and college sporting events, cultural celebrations and other entertainment events.
– There will be 2,500 parking spaces adjacent to the stadium.
– Total projected cost of the entire project is $975 million, and the Vikings will pay for 50.6% of those costs. That total includes $427 million in up-front costs and $327.1 million in operating costs and capital expenses.
– The State of Minnesota’s contribution will be 26.7% ($398M) and the City of Minneapolis’s contribution will be 22.7% ($338.7M). Most importantly, in my opinion at least, is that no new taxes will be required in Minneapolis or statewide to pay for the stadium. That is to say, no taxpayer dollars will be taken from the state’s general fund.
– The Vikings will sign a 30-year lease to play in the new stadium, ensuring that the team remains an asset to the state for generations.
Tags: New Stadium
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