BUILDING THE PEOPLE’S STADIUM… TOGETHER
DOWNTOWN EAST STADIUM FINANCING PLAN
(Assumes 2016 stadium opening)
TOTAL PROJECT COSTS - $975 million
- Fixed-roof stadium - $828 million
- On-site infrastructure/relocation costs - $147 million
- More than 50% privately funded
| State of Minnesota | (26.7%) | City of Minneapolis | (22.7%) | Minnesota Vikings | (50.6%) |
| Upfront Costs: | $398M | Upfront Costs: | $150M | Upfront Costs: | $427M |
| Operating & Capital Expenses: | $0M | Operating & Capital Expenses: | $188.7M | Operating & Capital Expenses: | $327.1M |
| Total Contribution: | $398M | Total Contribution: | $338.7M | Total Contribution: | $754.1M |
STATE OF MINNESOTA
- Guarantees no new taxes
- Protects the state’s general fund
- Expands charitable gaming with the addition of electronic pull-tabs
- Provides sales tax exemptions for stadium construction materials and property tax exemptions
CITY OF MINNEAPOLIS
- Requires no new taxes in Minneapolis
- Protects the city from cost overruns during construction, operations and capital improvements
- Redirects a portion of the existing convention center sales and hospitality taxes
- 0.5% sales tax
- 3.0% downtown restaurant tax
- 3.0% downtown liquor tax
- 2.625% lodging tax
- Ensures Minneapolis is a valued partner during the stadium’s life-cycle with annual contributions of $6 million for operating expenses and $1.5 million for capital improvements
MINNESOTA VIKINGS
- Obligates the team to contribute more than 50% of the construction and operating expenses during the stadium’s life cycle, including:
- $11.5 million annually for stadium operating expenses
- Payment of any and all game-day expenses for NFL and MLS games, including any municipal expenses within stadium or related plaza areas (estimated at $3 million)
- Payment of $8.5 million in annual rent/operating expenses
- $1.5 million annually for future capital improvements
- $11.5 million annually for stadium operating expenses
- Requires the team to commit to a 30-year lease
- Ensures the Vikings pay for capital improvements proposed by the team
- Commits the team to sharing any profits in the event the team is sold
- Requires the team to play only one season at TCF Bank Stadium
Published Mar. 2, 2012