After a marathon session in the Minnesota House of Representatives that resulted in a 71-60 vote, the Senate passed the Vikings stadium bill (HF 2958) with a 36-30 vote on Thursday.
Both bodies adjourned Sine Die following the conclusion of the vote.
The $975 million stadium will be located on the current Metrodome site. The team will bear $477 million of construction costs, while the state will contribute $348 million in addition to the $150 million from Minneapolis.
The conference committee for HF 2958 upped the team’s contribution by $55 million, increasing the team’s total share while reducing the state’s share by the same amount.
“I’m very pleased to announce that the Vikings have agreed to terms with state leaders to finance and construct a new multi-purpose stadium in Minnesota,” said Lester Bagley, the team’s vice president of public affairs and stadium development. "We’ve agreed to contribute up front $477 million, which remains the third-largest private contribution in NFL history. We’ve agreed to contribute $13 million annually in operating costs, which is now 54 percent of the life-cycle costs of the project. … The Wilfs have stepped up and made a huge commitment to Minnesota and a huge commitment to Minnesota Viking fans. They’ve made a commitment to secure this franchise and to stabilize this franchise for the future generations in Minnesota."
The state will finance its portion of the stadium construction costs through proceeds derived from electronic pull tabs and bingo. The amended bill also adds two additional funding sources in case the gambling revenue does not fully materialize: a sports themed lottery game and a 10 percent tax on luxury seats.
Minneapolis will extend its convention center tax to cover its share of the construction costs. The city will also designate a portion of the city sales tax for Target Center upgrades. The bill also allocates $2.7 million for 20 years to St. Paul for operating or capital costs of its sports facilities.
Other terms of the agreement include a 30-year lease between the team and the state and an exclusive five-year agreement for the Vikings to bring a Major League Soccer (MLS) team to the state. The team will also retain the revenue of the stadium naming rights. The builder will be responsible for construction cost overruns.
Photo courtesy of Minnesota Vikings.