Denny Schulstad, the prominent former Minneapolis city councilman who is now retired, told Sports Headliners recently he doesn’t think there will be a new stadium for the Minnesota Vikings. Schulstad, who was a leader in the movement that resulted in the building of the Metrodome, believes renovation of the 26-year-old facility will be the ultimate solution to the Viking stadium problem.
Although the Vikings have repeatedly said a renovated Metrodome isn’t an acceptable alternative, there’s growing skepticism about the likelihood of funding a new football stadium at a cost of nearly $1 billion on the dome site. About $250 million of the cost is expected to come from the Vikings and NFL, but presently no public funding option such as a portion of the state sales tax has been offered. With the state budget pressed for other needs and economic growth slowing, both the proposed stadium cost and timing are difficult.
“I don’t think the economics will allow a billion dollar Vikings stadium,” Schulstad said. “… I think that the site the Metrodome is on right now is the perfect site in downtown Minneapolis. What they need to do is to totally remodel that stadium for the Vikings to use and for the community to continue using. This roofed stadium was in use virtually every day of the year.
“And the Wilf family then needs to be given the development rights to develop some retail around the Metrodome which would be the moneymaker for them. That’s good for Minneapolis because it dramatically increases the tax base. It’s good for the Vikings because they would have a newly remodeled stadium in exactly the right spot. And it’s something that I think the state of Minnesota can afford, but they can’t afford a billion dollar stadium.”
Although Schulstad said he didn’t know how much a renovated dome will cost, some people will guess $400 million or more. The Vikings have been adamant that only a new stadium will solve their revenue problem that for years has placed them near the bottom among NFL team revenues. If plans develop as discussed in the past, Vikings owner Zygi Wilf and his ownership group would also benefit from commercial development near the stadium.
Schulstad wants to see the $250 million from the Vikings and NFL go toward a renovated Metrodome, a stadium that has excellent sightlines for football and serves the community for a long list of money making and community events, but lacks the best in amenities that can generate revenues similar to most other NFL stadiums. “If the Willf family is willing to put in their $250 million that they’ve been talking about and then they come to ask for some public support for a couple hundred million dollars, that’s do-able,” Schulstad said. “When they come back asking for three-quarters of a billion dollars, that’s not going to happen.”
Schulstad doesn’t have a financing plan he’s advocating but suggests that new retail development near the stadium might be part of the formula. A “tax increment financing district” where taxes from the new buildings “go into the pot” is a possibility, he said.
“There are a lot of creative people who are a lot smarter than I am to figure out that kind of financing,” Schulstad said. “I just don’t see that the state or the taxpayers are going to be willing to throw in three quarters of a billion dollars. I don’t see that happening.”