Stadium Financials
Stadium Financials
Stadium Financials
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| Minnesota Vikings
TOTAL PROJECT COSTS - $975 million Fixed-roof stadium - $828 million On-site infrastructure/relocation costs - $147 million More than 50% privately funded
State of Minnesota (26.7%)
Upfront Costs: Operating & Capital Expenses: Total Contribution: $398M $ 0M
Minnesota Vikings
Upfront Costs: Operating & Capital Expenses: Total Contribution:
(50.6%)
$427M $327.1M $754.1M
$398M
TOTAL
$975M
TOTAL
$20.5M
$427M
VIKINGS/ PRIVATE
Charitable electronic pull-tabs
$13M
STATE
$398M
STATE
$0M
CITY
$150M
CITY
$7.5M
Financial Commitments
STATE OF MINNESOTA Guarantees no new taxes Protects the states general fund Expands charitable gaming with the addition of electronic pull-tabs Provides sales tax exemptions for stadium construction materials and property tax exemptions CITY OF MINNEAPOLIS Requires no new taxes in Minneapolis Protects the city from cost overruns during construction, operations and capital improvements Redirects a portion of the existing convention center sales and hospitality taxes o 0.5% sales tax o 3.0% downtown restaurant tax o 3.0% downtown liquor tax o 2.625% lodging tax Ensures Minneapolis is a valued partner during the stadiums life-cycle with annual contributions of $6 million for operating expenses and $1.5 million for capital improvements MINNESOTA VIKINGS Obligates the team to contribute more than 50% of the construction and operating expenses during the stadiums life cycle, including: o $11.5 million annually for stadium operating expenses Payment of any and all game-day expenses for NFL and MLS games, including any municipal expenses within stadium or related plaza areas (estimated at $3 million) Payment of $8.5 million in annual rent/operating expenses
o $1.5 million annually for future capital improvements Requires the team to commit to a 30-year lease Ensures the Vikings pay for capital improvements proposed by the team Commits the team to sharing any profits in the event the team is sold Requires the team to play only one season at TCF Bank Stadium