Backers of the $1 billion Vikings stadium regularly tout the project as an economic driver that will boost the state’s construction industry and rely heavily on Minnesota-derived materials. Construction planners showed last week that those goals are easier stated than achieved.
The Minnesota Vikings say they’ll raise their contribution to a new stadium to more than $500 million to make sure the project has everything they want. Vice President Lester Bagley says the extra money is the only way to preserve the design and features in the new stadium, which will now cost more than $1 billion.
The groundbreaking for the new Minnesota Vikings stadium will be on Tuesday, Dec. 3. The Minnesota Sports Facilities Authority confirmed the date Tuesday. It’s the official start of construction on the nearly $1 billion football stadium that will be built at the current Metrodome site.
How would you like to buy THE BAGGIE?
The public authority in charge of the new Minnesota Vikings stadium is tying up loose ends before construction can get underway next month. The head of the Minnesota Sports Facilities Authority said Friday that the project is “beginning to move at lightning speed” as the mid-November groundbreaking. Next week a key pricing report is due from the lead contractor that could reflect cost pressures on the $975 million stadium. The Vikings must certify their $477 million share for the project by early November. Soon after, the state will sell bonds toward the $477 million public contribution.
A Minnesota legislative panel formed to keep tabs on the Vikings stadium deal is meeting to go over a recently signed lease and the development agreement. The Legislative Commission on Minnesota Sports Facilities lacks power to alter the agreements.
Eight banks are teaming to underwrite hundreds of millions of dollars in Minnesota bonds to finance construction of the new Vikings stadium. Management and Budget has notified the banks they were selected from a group of 22 that submitted proposals.
Much has been publicized about the new Vikings stadium, but very little in regards to the Target Center. When lawmakers approved a new Vikings stadium last year, part of the deal allowed the City of Minneapolis to pay for Target Center renovations. But while stadium plans move forward, Target Center remains quiet. Last year, when lawmakers approved a $975 million Vikings stadium, they also approved $100 million in Target Center renovations.
Only five home games remain on the Vikings schedule this year. And unless the Vikes go to the playoff, that’s how much time is left for the Metrodome. The Dome will be torn down to make way for the Vikings’ new home. And it’s a very tight timeline between now and 2016, when the Vikes move into their new stadium. Michele Kelm-Helgen, the head of the state commission overseeing new stadium construction, says people shouldn’t expect a dramatic, dusty knockdown in Feb. of 2014.
The government panel that’s managing construction of the new Minnesota Vikings stadium made several mistakes related to managing finances in its first few months of operation. That’s the finding of a report released Thursday by Minnesota’s Legislative Auditor.
A price tag of $975 million won’t be enough to cover building the new Vikings stadium the way the team wants it. The team and the Minnesota Sports Facilities Authority may have to cut back some desired perks to stay within budget.
Twenty-two financial institutions have applied to help underwrite the $498 million taxpayer share of the new Minnesota Vikings stadium. Minnesota Management and Budget released the list Thursday.
Decode the legalese and the 222-page lease agreement binding the Minnesota Vikings to 30 years or more in their soon-to-be-built stadium shows in great detail who calls the shots, who gets to cash in and who can use the place when the football team isn’t.
The authority that will manage the new Minnesota Vikings stadium has confirmed that some fans wanting a season ticket will have to first pay for a personal seat license.
As some senior level Vikings officials spend time in London, there are questions here at home about the future of the new Vikings stadium. Groundbreaking is scheduled for November, but final negotiations about developments and the stadium lease have been postponed Friday until next week. This is the second time final deals have been delayed. The Minnesota Sports Facilities Authority (MSFA) has now pushed back their final urgent deadlines for negotiations twice. The team says they will be locked into this lease for 30 years so that’s why they are taking their time.