US Bank Stadium paid off the early years
Former Governor of Minnesota, Mark Dayton always insisted that US Bank Stadium be called “The People’s Stadium”. After the Minnesota Department of Management and Budget made its last $378 million in bond payments Monday, it’s truly the people’s.
Push is the result of the success of e-pull tabs which were initially slow to take off. In recent years, they’ve brought in nearly enough money to pay off the bonds 23 years earlier than expected.
The payment made Monday included $366 million from stadium reserves generated largely through electronic raffle tag sales and $12 million from the state’s general fund. The state also agreed to pay the first installment on a security fence surrounding the stadium eventually.
“The Minnesota Sports Facilities Authority is grateful for the $15.7 million in funding to support Phase 1 of the Safe Field Perimeter Project as a result of the recent legislative session,” Michael Vekic, president of the Minnesota Sports Facilities Authority, said in a statement. The statement was issued Monday. “As stewards of this facility, we look forward to further discussions with the governor and legislative leaders to review and plan for ongoing needs in an effort to preserve and maintain U.S. Bank Stadium as a world-class venue.”
It’s an important day in Vikings history,” said Lester Bagley, executive vice president of the Minnesota Vikings.
“We look forward to continuing to work in partnership with the governor and state legislative leaders to meet the long-term capital needs of the US Bank Stadium,” he said in a text to 5 EYEWITNESS NEWS. “It is imperative that we protect these amazing community assets in the future.”
Paying off stadium fees so early is “a success story that has benefited Vikings fans, the city of Minneapolis, and the state of Minnesota,” Bagley says.
The payment success of U.S. Bank Stadium is beyond plans for Target Field, home of the Minnesota Twins, to be paid off by 2027. The $555 million stadium’s publicly funded portion will be paid 10 years early using a 0.15% Hennepin County sales tax.
The cost of the $130 million Xcel Energy Center was split between the Minnesota Wild and the City of St. Paul. In 2013, the legislature voted to cancel the remaining $32.7 million of a $65 million interest-free loan.
Another professional sports stadium built since 2000 is the Allianz Stadium. The $200 million stadium was entirely funded by the Minnesota United Soccer Club.
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