Docstoc

Vikings_stadium

Document Sample
Vikings_stadium Powered By Docstoc
					                              Vikings Stadium
        Possible Use of General Obligation Bonds as a Funding Source


Financial Details:

   • State financial commitment is $250 million. Additional financial
     contribution related to the construction of a fixed roof TBD. State will issue
     General Obligation bonds for costs associated with infrastructure. Cost of
     finance for roof TBD.
   • City of Minneapolis financial commitment is $150 million, remains
     unchanged from current bill. Bill language grants city of Minneapolis
     flexibility in future use of convention center tax.
   • Vikings commitment is TBD. Vikings authorized to keep revenues gained
     from naming rights, ticket fees, etc.
   • Other costs, partnerships TBD.


Construction Options:

   • Stadium Authority would likely oversee the construction of the stadium, in
     consultation with Vikings and city of Minneapolis
   • Stadium includes a fixed roof, with the option for the Vikings to pay the
     additional costs for a retractable roof
   • State financial commitment will pay costs associated with the infrastructure.
   • Roof financing TBD.


Financing with GO Bonds:

   • Relies on stable funding source rather than unproven future gaming revenues
   • Reduces overall cost of project because interest rates on GO bonds is lower
     than appropriation bonds
   • Improves funding mechanism, while keeping most of the previous proposal
     intact
   • Bonding bill will include statewide projects focusing on roads, bridge and
     infrastructure.
   • Additional information required for use of GO bonds.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:9158
posted:5/2/2012
language:English
pages:1