Vikings, U of M Reach Preliminary Agreement For TCF Bank
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MINNEAPOLIS (WCCO) — — The University of Minnesota and the Minnesota Vikings have agreed to a letter of intent which allows the Vikings to use TCF Bank Stadium during potential construction at the current Metrodome site of a new stadium for the NFL franchise. Subject to the university’s Board of Regents approval at its meeting tomorrow, U of M president Eric Kaler may sign the letter of intent in the next few days.
The letter says the Vikings will reimburse the university for all changes they require for TCF Bank Stadium, and all non-game day expenses and game-day operational expenses related to the franchise’s use of the facility. In addition, the Vikings will pay rent to the university and share a portion of additional concessions and sponsorship revenues.
Under the agreement, the Vikings will pay the university a fixed fee of $250,000 per game. University general counsel Mark Rotenberg said that the additional revenue to the university is expected to be $50,000 per game, resulting in a combined rent and expected concessions and sponsorship revenue amount of $300,000 per game, or $3 million per regular NFL season.
The letter of intent provides the following:
TCF Bank Stadium changes
• Installation of specialized heating coils under the playing surface.
• Installation of temporary bleacher-style seats in the western end zone plaza. Any new seating is subject to approval by the university’s building code division.
Duration of lease and days of play
• Two scenarios are allowed. The Vikings may lease TCF Bank Stadium for up to four consecutive NFL seasons anticipated to start in 2013; or, they can play at the facility for all or part of one NFL season, anticipated to be the 2015 season. A standard NFL season includes 10 football games (two preseason and eight regular season games), plus any home playoff games.
• TCF Bank Stadium will be available for Sunday games only and one weeknight game per season, on a date that must be approved by the university.
• The Vikings will work with the NFL to minimize scheduling conflicts with the university’s intercollegiate athletic activities and other campus events.
• The terms of alcohol sales at TCF Bank Stadium during Vikings games are subject to Board of Regents approval at a later date. Gov. Mark Dayton signed legislation on April 27 that returns full authority to the Board of Regents with respect to the sale of alcoholic beverages during intercollegiate athletic events at TCF Bank Stadium, Williams Arena, and Mariucci Arena, so long as the university provides for the sale of alcohol to the general public at a convenient location in the Stadium at least through half-time during intercollegiate football games. This legislation expires July 1, 2014.
Copies of the University of Minnesota Board of Regents resolution and the letter of intent will be available at the Board of Regents meeting on Friday morning. The meeting begins at 9 a.m. at 600 McNamara Alumni Center, 200 Oak Street S.E., Minneapolis.