The city where the stadium would be built has yet to be determined.
With just a few weeks remaining in the legislative session, time is running out to get this bill passed. Even though the budget deficit is still unresolved, legislators say conditions are right to move on to the stadium issue.
With interest rates and building costs at record lows, they may be right. It has been estimated by lawmakers that waiting an additional year to build could add as much as $50 million to construction costs.
At the press conference this morning, officials from local labor unions and downtown business groups made it clear that action is critical to keeping the Vikings in Minnesota.
Starting on Tuesday, the legislation will start making its way through committee.
The following are some of the details of the stadium legislation the Vikings and legislature are calling the “Purple Plan:"
- The total cost for the new fixed-roof stadium would be $791 million
- The Vikings could contribute $291 million up-front.
- The remaining $527 million would be financed over 40 years using a jersey tax, a hotel tax, a car rental tax, and a sports-themed scratch-off game.
- 1.5 per cent Area Hotel surtax would generate an expected $8 million a year.
- 6.875 per cent Jersey tax would generate an expected $16.9 million a year.
- The sports-themed scratch-off would generate an expected $5.5 million a year.
- 2.5 per cent Rental car surtax would generate an expected $5.5 million a year.
There would also be certain expectations if the stadium bill is passed. These include the following:
- The Vikings would agree to sign a 40-year lease .
- There will be a claw-back provision included providing that, if the Vikings ever sell the team, the proceeds from the sale would go towards paying back the remaining debt.
- Excess revenues would go to address stadium issues.
- High-school tournaments and other events would be guaranteed access.
- The NFL commits to a Super Bowl.
- The new stadium would attract an NCAA Final Four Tournament .
We’re in the home stretch, and our goal is near, Vikings fans. Do your part to keep the Vikings in Minnesota for your children and grandchildren to enjoy! Here are a few simple things you can do to help:
1. Send an email to your state representatives and tell them to support this bill. It’s easy to do, and only takes a minute.
2. Post this to your Facebook profile and your MySpace page. Get the word out!
3. Tell everyone you know to do the same.