Vikings to get new stadium
Anoka County and the Vikings jointly announced on Tuesday an agreement on a new $675 million, 68,000-seat retractable roof stadium that will be located in Blaine, Minnesota, which is approximately 15 minutes north of Minneapolis and St. Paul just off of I-35W.
The Vikings currently play in the Metrodome in Minneapolis, but have been trying to get a new stadium for a number of years and have gone as far as threatening to leave the state if a new stadium wasn't built.
The new complex will be publicly owned and the Vikings are expected to pay $280 million of the costs. The county will fund the same amount through a three-quarter percent countywide sales tax. State-issued general obligation bonds are expected to cover the remaining $115 million.
As part of the deal, the club will sign a 30-year lease, with a no-escape clause, and also operate the complex. There is also the option for the club to extend the lease for two 10-year periods. The Vikings will receive the revenue generated, but be responsible to make an annual lease payment to the county. That payment will be determined at a later date and be made to a stadium authority that will be established by the Minnesota Legislature.
"We are taking a bold step toward achieving something very special for Anoka County and the entire state of Minnesota," said Margaret Langfeld, chair, Anoka County Board. "This partnership is one of the most significant development projects in state history, and it will bring unparalleled economic opportunity to Anoka County while taking the legacy of Vikings football to a new level."
The stadium will be the center point of a broader, mixed-use development that is projected to feature retail shops, office buildings, private residences and nature preserves.
There is also an additional $115 million in road improvements that need to be made along I-35W in order to handle the traffic.
"The need already exists for these projects and the state plans to spend the money to do them, but not until 2020 or later," said Steve Novak, manager, Anoka County government services division. "Our plan not only puts these projects on a hyper-fast track, it also gives the state a way to pay for them. That's smart government. Ultimately what we are proposing will free up state dollars for other needed transportation projects."
"This is a plan that works and pays for itself," added Novak. "The people who use this facility and benefit from it being in Anoka County will pay for the facility."
The county and team will seek legislation to authorize the local option sales tax and to establish a special taxing district. Initial estimates suggest that the project will, over time, generate a revenue surplus for the state in excess of $245 million, after paying for the $115 million in on-site and retractable roof costs, as well as the additional $115 million in accelerated roadway costs.
Anoka County and the Vikings jointly announced on Tuesday an agreement on a new $675 million, 68,000-seat retractable roof stadium that will be located in Blaine, Minnesota, which is approximately 15 minutes north of Minneapolis and St. Paul just off of I-35W.
The Vikings currently play in the Metrodome in Minneapolis, but have been trying to get a new stadium for a number of years and have gone as far as threatening to leave the state if a new stadium wasn't built.
The new complex will be publicly owned and the Vikings are expected to pay $280 million of the costs. The county will fund the same amount through a three-quarter percent countywide sales tax. State-issued general obligation bonds are expected to cover the remaining $115 million.
As part of the deal, the club will sign a 30-year lease, with a no-escape clause, and also operate the complex. There is also the option for the club to extend the lease for two 10-year periods. The Vikings will receive the revenue generated, but be responsible to make an annual lease payment to the county. That payment will be determined at a later date and be made to a stadium authority that will be established by the Minnesota Legislature.
"We are taking a bold step toward achieving something very special for Anoka County and the entire state of Minnesota," said Margaret Langfeld, chair, Anoka County Board. "This partnership is one of the most significant development projects in state history, and it will bring unparalleled economic opportunity to Anoka County while taking the legacy of Vikings football to a new level."
The stadium will be the center point of a broader, mixed-use development that is projected to feature retail shops, office buildings, private residences and nature preserves.
There is also an additional $115 million in road improvements that need to be made along I-35W in order to handle the traffic.
"The need already exists for these projects and the state plans to spend the money to do them, but not until 2020 or later," said Steve Novak, manager, Anoka County government services division. "Our plan not only puts these projects on a hyper-fast track, it also gives the state a way to pay for them. That's smart government. Ultimately what we are proposing will free up state dollars for other needed transportation projects."
"This is a plan that works and pays for itself," added Novak. "The people who use this facility and benefit from it being in Anoka County will pay for the facility."
The county and team will seek legislation to authorize the local option sales tax and to establish a special taxing district. Initial estimates suggest that the project will, over time, generate a revenue surplus for the state in excess of $245 million, after paying for the $115 million in on-site and retractable roof costs, as well as the additional $115 million in accelerated roadway costs.
Very nice!
