Gov. Mark Dayton Signs Off on Agreement to Build New Vikings Stadium at Metrodome
- May 19, 2012
Gov. Mark Dayton signed off on an agreement to construct a new $975 million stadium for the Minnesota Vikings at the Metrodome during a Capitol ceremony attended by business leaders, fans and team owners Zygi and Mark Wilf, Finance & Commerce reported.
As previously reported by Commercial Property Executive, the governor, along with Minneapolis Mayor R.T. Rybak, City Council President Barb Johnson and other officials have been fighting to keep the NFL team from leaving Minnesota.
The new stadium, which will be built on the site of the team’s current home, the Metrodome, is expected to be completed by 2016. The Vikings will sign a 30-year lease to play there and will pay almost half of the $975 million, while the state and city will pay the rest.
While state lawmakers approved the bill and Dayton signed off on the agreement, there is still one last formality: The Minneapolis City Council has to give final approval on its share of the cost. A vote is expected later this month.
The state its share of the cost via taxes on new electronic versions of pulltabs, while the city will redirect an existing hospital tax to pay for its share.
While the new NFL stadium is being built, the Vikings will have to play one season somewhere else. Kare11.com reports the TFC Bank Stadium at the University of Minnesota will probably be the home of the team during the 2015 season. The Vikings have requested slightly under $6 million in capital improvements to the stadium, according to University of Minnesota President Eric Kaler. The upgrades will include winterizing the concourses, heating the field and possibly expanding the stadium from 50,000 seats to 53,000 in order to accommodate season ticket holders. The cost for these upgrades will be covered by the Vikings.
Photo Courtesy of: mn.gov/governor
For more market data on Minneapolis, please click here.