MINNEAPOLIS (WCCO) – Minnesota is preparing to sell nearly $500 million in bonds to cover the state’s share of the Vikings stadium facility.
It’s looking for financial institutions to buy the bonds for the stadium construction, which is scheduled to start in November.
The $498 million in loans will cover the State’s and the Minneapolis’ share of stadium construction.
The Vikings are putting up the rest of the $477 million for the project, which will total $975 million.
Taxpayers will be on the hook for $20 million to $30 million a year just to pay back the interest on the stadium loan.
That money was supposed to come from electronic pull tabs, which failed to produce the income necessary.
Now, there are two new taxes to fund the facility: A one day tax last July 1 on all of the cigarettes sitting on store shelves and warehouses, and a new tax on some of the out-of-state profits of Minnesota businesses.
Although the Vikings $975 million facility is among the largest public works projects in state history, it’s not the biggest.
It’s Number 3.
Here’s an unofficial list of Minnesota’s Top Ten Projects in State history:
1. MSP International Airport Upgrade: $3.2 billion
2. SW Corridor (planned): $1.25 billion
3. Minnesota Vikings Professional Sports Facility: $975 million
4. Central Corridor Light Rail Transit: $957 million
5. Hiawatha Light Rail Transit: $715 million
6. St Croix River Bridge (estimated): $540-640 million
7. Minnesota Twins Profession Sports Facility: $390 million ($522 million estimate, if including infrastructure)
8. Northstar Commuter Rail: $320 million
9. TCF Bank Stadium at the U of M: $296 million
10. I-35 W Bridge Reconstruction: $259 million
Here are some of the sources used in this Reality Check: