Don’t be surprised if Hennepin County comes out with a plan regarding a proposed Vikings stadium within the next few weeks.
That’s the opinion of a knowledgeable stadium source who believes the county could team up with the state and the Vikings to fund a new football and entertainment facility downtown. Hennepin County, the state’s largest county, eventually emerged as the public entity making the Twins stadium possible, and now after years of debate regarding a new home for the Vikings the county might be ready to get involved with building a facility that will be home to not only football but also other sports and entertainment attractions, according to the source who spoke anonymously.
The multipurpose use of such a stadium fits particularly well with the proposed stadium sites at the Farmers Market and Linden Avenue near the Basilica of St. Mary. Both are near the existing downtown sports, entertainment and hospitality venues already in place. The sites are also ideally situated for freeway and public transportation (including projects in planning by the county).
Stadium sources said the Linden Avenue site near the Basilica of St. Mary may ultimately have an advantage over Farmers Market because “land assembly” is easier. The Linden Avenue site has fewer existing owners than Farmers Market.
Minneapolis mayor R.T. Rybak is an advocate for rebuilding on the Metrodome site because construction there is probably about $150 million or more less costly than at the two other downtown sites, or in Arden Hills. The Metrodome site, though, doesn’t have the same appeal to the county as the two other downtown sites, according to a source.
The Metrodome probably can’t stimulate sales tax revenues from nearby businesses like the Farmers Market and Linden Avenue sites. The latter two sites, unlike the dome area, already exist in an entertainment and commercial area that includes Target Field and has potential for redevelopment. “A Vikings stadium in those areas helps the county protect its investments in Target Field and transportation,” a source said.
And building at the Metrodome means the Vikings will have to play probably three years at TCF Bank Stadium where a source suggested the franchise may gross about $18 million per season less than at the dome. How to solve that financial challenge is a problem and a public subsidy seems likely not to be a solution.
Rybak wants to use tax revenues dedicated to the Convention Center to help fund a Vikings stadium. Further tax help from Hennepin County and a yet to be determined funding source from the state, along with a contribution from the Vikings, seems like a possible formula for building a facility costing over $1 billion.
Meanwhile Ramsey County remains interested in building the facility in Arden Hills, a site long backed by the Vikings. The funding picture there is perhaps even less clear than downtown, although potential gambling revenues could benefit building a facility anywhere in the metro.
The state legislature has started public hearings on the stadium issue but much needs to be determined including site selection. “I think it is all a long way from being done,” a source said this week.