A faltering economy, including worrisome inflation, could make the effort more difficult to gain legislative approval for a new Vikings’ stadium. Before construction prices began rising more aggressively in recent months, the projected cost of a retractable roof facility on the present Metrodome site was estimated at near $1 billion.
And even at that figure there was considerable caution among public leaders. Now building costs such as steel and cement are moving upward along with oil.
The Metropolitan Sports Facilities Commission is partnering with the Vikings in advocating for a new stadium to be used for a variety of commercial and community purposes. MSFC executive director Bill Lester told Sports Headliners “he wouldn’t even hazard a guess” right now about a projected change in stadium cost. (About $250 million of the funding has been expected to come from the Vikings and NFL, but no public funding option such as a portion of the state sales tax has been offered.)
Stadium proponents have been saying for awhile that every year of delay in authorizing a facility means increased costs. This year, however, has seen an inflationary acceleration. Lester said, for example, that when earlier planning and cost projections were made for the stadium, oil was at $75 a barrel. Today it’s about $135. There’s also talk of steel going up by 25 percent this fall. “None of this is good news,” Lester said.
A renovated Metrodome at perhaps half the cost of a new stadium might generate more support now but Lester doesn’t think the Vikings are willing to accept that direction. “The Vikings won’t extend the use agreement (with the commission) in a renovated dome and have said so,” Lester said.
MSFC chair Roy Terwilliger agrees and said increasing construction costs could mean excluding some things in a new stadium, but not making a decision for a renovated dome. He said it will be “awhile” before the commission and the Vikings have a revised cost for a new stadium.
The team’s agreement to play in the dome expires in three years. Even before the economy began dramatically faltering, it was clear that the legislature would be divided over the importance and priority of funding for a new stadium. The issue has been put off year after year but now is headed toward an apparent show down session in 2009.
“I believe next year the legislature does have to address this because the use agreement ends in 2011,” Terwilliger said. “If we don’t do something soon, it makes it more difficult to convince the NFL we’re serious about solving the need and (also) costs are going up.”