Vikings Stadium Gets Approval from Minnesota Senate
The Minnesota Vikings have received their massive public subsidy for a new stadium. The Minnesota legislature passed stadium legislation and all that’s left is for Gov. Mark Dayton to sign the bill, which he will likely do. According to the AP:
The deal guarantees the Vikings’ future in Minnesota for three decades.
The team would pay 49 percent of construction costs: $477 million, which is $50 million more than owners initially committed. But the public expense is still high: $348 million for the state and $150 million for the city of Minneapolis.
But according to Field of Schemes author and stadium expert Neil deMause, Minneapolis’ share will end up being much higher:
The city of Minneapolis will put in $150 million in cash plus $189 million over 30 years for operating costs, a total that (counting the cost of borrowing the money, since the taxes to pay for it will be tied up paying off the convention center for the next few years) should come to around $375-525 million in present value.
Let’s just hope Minneapolis doesn’t have to start slashing social services when the debts begin to pile up, as Hamilton County (Cincinnati) has had to do to pay off their stadium debt…
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