Viking's Stadium Design & Construction (Minneapolis, Bagley: appointed, sales, lease)

[Ghengis]

A thread to post and get updates to the development in and around the stadium formerly known as Metrodome.

Perhaps one of the biggest questions remaining is the inclusion and configuration of the "retractable roof". Lester Bagley was on KFAN this afternoon and indicated the the roof was one of the last sticking points in the 11th hour negotiations. After the team agreed to the $50M share increase the team wanted to include the retractable roof in the final plan but were rebuffed as the state negotiators insisted on keeping the price tag below $1B.

It's obvious that the Vikings are very serious about bringing in a MSL team in as they got their 5 year right-of-first-refusal reinstated but this no longer includes a provision for the 5 years of free rent. The MLS is almost completely open-air stadiums with the exception of Vancouver which has a retractable roof.

The term retractable could apply to either a roof or operable window (not included in current planning) such as was incorporated in Indianapolis. Bagley put the cost of an operable roof at between $20 - $30M and something less than that for an operable window. I really doubt you could put anything but a token, tiny-sixed operable roof for the $25M cost being bandied about lately.

Next step, after final approval by the Mpls Council, will be to form the governor-appointed, 5 (?) member stadium commission that will start work to pick an architect and start on the year-long process of creating a buildable plan and construction documents.

[Indyking]

The TCs is up in our list of places to move to... That's one more reason for us... I love soccer! So, is the intention to remodel the metronome to use as home of a new MSL team? Is a new stadium being built for the Vikings then? Sorry, I'm just not aware of what is going on.

[iNviNciBL3]

Wow i can't believe this day is finally here, I am really looking forward to the new stadium, I'm also looking forward to a season at the TCF Bank stadium.

[PullMyFinger]

Originally Posted by Ghengis

A thread to post and get updates to the development in and around the stadium formerly known as Metrodome.

Perhaps one of the biggest questions remaining is the inclusion and configuration of the "retractable roof". Lester Bagley was on KFAN this afternoon and indicated the the roof was one of the last sticking points in the 11th hour negotiations. After the team agreed to the $50M share increase the team wanted to include the retractable roof in the final plan but were rebuffed as the state negotiators insisted on keeping the price tag below $1B.

It's obvious that the Vikings are very serious about bringing in a MSL team in as they got their 5 year right-of-first-refusal reinstated but this no longer includes a provision for the 5 years of free rent. The MLS is almost completely open-air stadiums with the exception of Vancouver which has a retractable roof.

The term retractable could apply to either a roof or operable window (not included in current planning) such as was incorporated in Indianapolis. Bagley put the cost of an operable roof at between $20 - $30M and something less than that for an operable window. I really doubt you could put anything but a token, tiny-sixed operable roof for the $25M cost being bandied about lately.

Next step, after final approval by the Mpls Council, will be to form the governor-appointed, 5 (?) member stadium commission that will start work to pick an architect and start on the year-long process of creating a buildable plan and construction documents.

I think MLS is a done deal in this as is the retractible roof. Those spandex wearing, Lance Armstrong wannabe bicyclists in Moneyapolis will love soccer and it will make them feel all "worldly" and such nonsense.

[PullMyFinger]

Originally Posted by BobMarley_1LOVE

Wow i can't believe this day is finally here, I am really looking forward to the new stadium, I'm also looking forward to a season at the TCF Bank stadium.

Let's hope they do better than the Twins with Target field (they absolutely HAD to have that to remain competitive!) Now they are the absolute worst team in MBL.

I can buy tickets in the lower level right by 3rd base for 6 bucks on-line. Not good.

The Twins were one of the most consistent, over-achieving teams in the American League until they moved into TF. Now they suck donkey balls.

[Ghengis]

Originally Posted by PullMyFinger

I think MLS is a done deal in this as is the retractible roof. Those spandex wearing, Lance Armstrong wannabe bicyclists in Moneyapolis will love soccer and it will make them feel all "worldly" and such nonsense.

I believe an MLS team would have Mpls/StP join with just New York & Washington, to have a franchise in the Big 4 (NFL, NBA, MLB, NHL) + WNBA + MLS.

[Indyking]

Would the soccer team though be a sort of an upgrade from the one from Minneapolis currently in the second division? Or would the TCs keep both?

[moving123456]

Originally Posted by Indyking

The TCs is up in our list of places to move to... That's one more reason for us... I love soccer! So, is the intention to remodel the metronome to use as home of a new MSL team? Is a new stadium being built for the Vikings then? Sorry, I'm just not aware of what is going on.

The Metrodome will be demolished. There will be a completely new stadium built in almost the same spot.

[Indyking]

Wonder how the city of Minneapolis is going to pay for the 150 million contribution in the bill. Indianapolis increased sales tax when building Lucas Oil Stadium to help pay for it and it was very controversial. That's not all. Maintainance expenses in the new stadium are far more than the previous and the city boards had to make cuts to keep up with it plus I believe sales taxes in the county where the stadium is are still kept raised to help cover the deficit. Hope Minneapolis learn from this as they plan for the new stadium.

[Ghengis]

Originally Posted by Indyking

Wonder how the city of Minneapolis is going to pay for the 150 million contribution in the bill. Indianapolis increased sales tax when building Lucas Oil Stadium to help pay for it and it was very controversial. That's not all. Maintainance expenses in the new stadium are far more than the previous and the city boards had to make cuts to keep up with it plus I believe sales taxes in the county where the stadium is are still kept raised to help cover the deficit. Hope Minneapolis learn from this as they plan for the new stadium.

Minneapolis' share will come from a 30 year-old, 3% downtown entertainment (bars, restaurants, hotels) tax that was used to build the metrodome and is currently paying off bonds used to upgrade the downtown convention center through 2020. These same funds will also be used to help with the $200M in operating costs that start out at $6.5M/yr in 2021 and climb to $13M/yr over the next 25 years. The Vikings will pay $13M/yr ($390M) in operating costs throughout their 30 year lease term. Any operating cost overruns will be born by the state, construction costs overruns will be the responsibility of the tbd builder (probably Mortensen Construction).

The entertainment tax currently generates $52M/yr to Minneapolis and the left over revenue will be applied to continual operating and capital expenditures at the convention center, a $135M remodel of the Target Center (T-wolves arena) and "other" economic development programs.

It's no wonder that LOS is having problems in Indiana. Marion County's stadium operator: CIB, had budgeted Lucas Oil Stadium operating costs at $10M/yr on $7.7M annual revenues. Actual operating costs came in at $20M year. The CIB is also still paying off the original $70M note on the RCA dome while the Metrodome was paid off some 20 years ago.

Finally, the Colts share of the $720M LOS was $100M or about 14%, the Vikings are paying $477M (49%) of the new $975M Minnesota facility.