The Vikings and Anoka Country announced an agreement to fund $280 million each toward the building of a Vikings stadium they say would cost $675 million. That left the state's financing of the stadium site at $115 million, plus another $115 million in roadway infrastructure support that may or may not have to be part of the deal. Officials indicated those roadway projects were already in the state's "pipeline," but that they would be completed for decades without the stadium project.
The Vikings and the NFL would contribute $280 million to the project, which would include nearly one-third of that cost coming from the NFL's G-3 loan financing program, according to Vikings owner Zygi Wilf. The NFL's contribution would have to be repaid through stadium revenues.
Anoka County would enact a three-quarters of a percent sales tax in areas surrounding the development to raise its portion of the $280 million, and the state would then have to approve at least an additional $115 million for the project to move forward. That is the only major roadblock remaining.
The state would also be responsible for road-improvement projects in the area, such as adding an additional lane to Interstate-35W in Anoka County. The combined roadway projects would cost another $115 million.
The stadium would have 68,000 seats with a retractable roof and be available for concerts, NCAA Final Four tournaments and would likely be guaranteed to host a future Super Bowl if approved by the state.
"We are hoping to be in the position to celebrate the 50th anniversary of the team with a new Vikings stadium," Wilf said. The Vikings are celebrating their 45th anniversary this season. "This is the crowning jewel for the whole community here."
Steve Novak, the Anoka County Government Services Division manager, said that the stadium would eventually create a surplus each year in the taxes generated, figuring it would be about a $200 million surplus over 30 years. The Anoka County commissioners had already voted 6-1 in favor of the local sales tax, Novak said, but the state may require the county to enact a referendum to allow the local increase.
Wilf prefers an open-air stadium for the Vikings, which would have reduced the cost by about $100 million, but Anoka County said having a retractable roof will add to the community value of the complex, which would then be able to provide a year-round venue for events.
To listen to Novak's opening statements on the stadium, click on the link below:
Vikings Stadium Details Announced
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