Unsettled Wednesday, then cooler before heating up next week

MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all. 

Turn Up Your Support

Minnesota Management and Budget says the line of underwriters looking to help the state sell $498 million in stadium bonds is long: 22 firms have applied, according to the Associated Press:

The state is splitting the cost with the Vikings, who will pay about $477 million up front to build the new stadium. Their financing is expected to close on November 1.

Stadium officials say that once the Vikings have their financial house in order, the state will start selling its bonds, and could break ground in mid November.

The Minneapolis Star Tribune's Richard Meryhew says stadium builders are already chafing at that maximum price for a new stadium set by the state. He runs down the 

list of corners the project has already had to cut

 to keep the project affordable, like downsizing the operable doors, skipping some escalators and other features.

The development agreement between the Minnesota Sports Facilities Authority and the Vikings, though, has a $13 million cash cushion built in, and the two sides have an agreement to add that back into the project, a little at a time, if it looks like the total cost won't go over $988 million.

Minneapolis mayor R.T. Rybak says that the prospect of bringing a Super Bowl to his city in 2018 redeems his promise that the city's investment in a new Vikings stadium will pay off. Minneapolis is chipping in service on about $150 million in debt for the project.

The city and the Minnesota Sports Facilities Authority are passing around a study with those numbers, conducted by Rockport Analytics for the Indiana Sports Corporation:

Sports

Stadium Watch Blog

Tim Nelson

Author

Latest updates on the efforts to sell bonds for the new Vikings stadium and the impact of a potential Super Bowl.

Vikes stadium roundup: MN poised to sell bonds; budget tight; Super Bowl 52

Go Deeper.

Like this?

News you can use in your inbox