Minneapolis releases Vikings stadium funding details
Minneapolis Mayor R.T. Rybak pulled the curtain back this afternoon on details for funding the city's share of a new stadium for the Minnesota Vikings on the site of the Metrodome.
The proposal calls for the city to pay $195 million of the estimated $900 million construction cost, or about 22 percent of the total. The Vikings would be asked to cover 45 percent, or about $400 million, and the state would make up the difference.
Part of deal, as mentioned previously, would also include restructuring the Target Center's debt and using some of the revenue to pay for arena renovations first floated earlier this year.
The revenue would come from an admission tax on stadium events, a 0.15 percent sales tax, jacked up parking rates downtown during NFL game days, and a downtown hospitality tax.
Whether any of this survives City Council scrutiny and votes isn't clear right now, because there's no unanimity over the contentious issue of publicly funding a stadium when the city's flat on its back financially and its residents recently swallowed the news that their property taxes were getting hiked.
The plan is also at variance with a stadium bill at the Legislature that calls for the cost to be split three ways equally between the team, the state and the "local partner" (Minneapolis or Arden Hills in Ramsey County).
The Vikings have yet to comment on the proposal, but the team's owners have been in serious talks with Ramsey County about the kind of package it could put together to bring the stadium to a site in Arden Hills.
The stadium that might replace the Metrodome.
Previously: Can you say, "St. Paul Vikings?"
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