SBD/May 9, 2013/Facilities

Vikings Reach Deal With Univ. Of Minnesota To Play Two Seasons At TCF Bank Stadium

TCF Bank Stadium will receive $300,000 per game from the Vikings in '14 and '15
The Univ. of Minnesota and the Vikings “have agreed to terms on a facility use agreement that allows the Vikings to use TCF Bank Stadium for the 2014 and 2015 seasons while their new stadium is being built on the old Metrodome site,” according to Sid Hartman of the Minneapolis STAR TRIBUNE. The agreement is “subject to a vote" by the UM Board of Regents, whose Facilities & Operations Committee will take up the issue today, with the full board scheduled to act Friday. Within the agreement are “stipulations that the Vikings will reimburse the university for any required TCF Bank Stadium capital improvements, as well as all gameday operational expenses for Vikings home games.” The Vikings additionally “will pay the university a per-game rent of $250,000 for the 2014 and 2015 season.” The team also will “share $50,000 per game in concessions, advertising and sponsorship revenue.” The Vikings in total will “pay the university $300,000 per game and a maximum" of $3M per season. However, the $3M “doesn’t include any extra costs the Viking might incur to winterize the stadium, such as installing a heated field" at a cost of approximately $2M, and "adding temporary seating in the open end of the stadium.” There also could be “additional costs to the Vikings to make concession stands more easily available to fans” (Minneapolis STAR TRIBUNE, 5/9).

STATING THE CONTRIBUTION: Minnesota Gov. Mark Dayton yesterday said that state officials are “working on a new source of money to pay the state’s share” of the new Vikings stadium. In Minneapolis, Baird Helgeson noted Dayton “would not reveal the source of money.” But he said that the plan “does not include the team paying a larger share" of the new $975M stadium. Dayton added that the proposal “does not include a plan to impose a new tax on sports memorabilia.” State leaders had “counted on additional revenue from new electronic pull-tabs and bingo games, but the money has already fallen so dramatically below projections that state leader are scrambling to find another source of revenue.” The state needs about $30M a year to "pay its share of the stadium” (STARTRIBUNE.com, 5/8). Helgeson notes Dayton is “considering closing some tax loopholes to help pay the state’s share.” Dayton’s administration said that the new plan “will not include any expansion of gambling or new casinos.” The stadium funding plan "already has two other backups: A sports-themed Minnesota Lottery game and a tax on stadium suites.” But those “don’t bring in a lot of money and likely would not make up the gap left by the electronic pulltabs and bingo” (Minneapolis STAR TRIBUNE, 5/9).
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