Report: Minneapolis Stadium Plan Falls $55M Short
As the debate over a new Vikings stadium carries on, a new financial analysis reportedly indicates that the City of Minneapolis is nearly 20 percent short of its portion of the stadium cost.
City officials are reportedly hoping to land a new stadium with a $313 million bid and direct $150 million to help renovate the Target Center.
Minnesota Public Radio (MPR) reported that the new analysis was provided by the city's stadium finance consultant, Mark Kaplan, to the Minneapolis City Council. The analysis-which MPR described as “the most detailed look yet at the dollars and cents behind a Minneapolis stadium deal”-shows that the city is more than $50 million short of the $313 million it has pledged for a new stadium.
Minneapolis Mayor R.T. Rybak's spokesman John Stiles confirmed the figures from the analysis and told MPR that the city is about $55 million short of its pledge.
And there are further concerns about the ways in which the city wants to raise the money for its contribution to the stadium, according to MPR. For example, the plan calls for several new revenue sources, including a $25 fee to park on downtown streets on game days, or $30 to park in nearby ramps.
The plan also calls for a new tax on Vikings tickets, which would collect another $1.6 million annually from fans. Without the tax, the city would have a gap of an additional $36 million in its deal-increasing the funding plan's shortfall from $55 million to more than $90 million, according to MPR.
To learn more about the recent analysis and the city's financing gap, read the full MPR story here.