Sep 20, 2005 10:33 pm US/Central
Vikings, Anoka County Announce Stadium Plan
Blaine, Minn. (WCCO) ―
The Minnesota Vikings and Anoka County announced an agreement for a $675 million, 68,000-seat football stadium Tuesday.
The stadium will be located in Blaine, Minn. and will feature a retractable roof and on-site parking. It will also be part of a larger development that will feature retail space, offices and houses.
Also at the site would be the Vikings headquarters and a practice facility in addition to a Vikings Hall of Fame and history museum. County officials said the plan could create thousands of jobs in the northern metro.
The Vikings stadium, parking lot, training facility and team headquarters would comprise 200 acres of the 740-acre overall Blaine development.
Zygi Wilf, owner of the Vikings, said the Vikings would pay $280 million toward the costs of the stadium. Anoka County would then raise another $280 million through a 0.75 percent countywide sales tax.
The state would then put up $115 million in bonds for infrastructure costs, including the expansion of Interstate 35W in the area near the stadium. Road projects around the site would leap ahead of other projects.
Steve Novak, the stadium project manager for Anoka County, said money generated by the stadium and its surrounding development would be used to pay back the state bonds.
The stadium complex will be owned by a stadium authority that the Minnesota Legislature would need to establish. Anoka County said the Vikings will operate the stadium complex and would sign a 30-year lease that would feature a no-escape clause.
The team would then have the option to expand that lease, if it chooses.
The Vikings would then get the money generated by the stadium and would be responsible for making payments on the lease.
"This is a tremendous opportunity for the Minnesota Vikings and the state of Minnesota. We're fortunate to have a partner that has demonstrated both the vision and leadership to make this possible," Wilf said.
The stadium is projected to open in 2009 or 2010, depending on when and if the Legislature approves the plan.
The Vikings said the team would honor its lease at the Metrodome if the team moves early. The Vikings have a lease at the Metrodome until 2011.
(© MMV, CBS Broadcasting, Inc. All Rights Reserved.)
