Vikings fans don’t have much to be excited about with the quality of product that the team puts on the field. Luckily for them, they do have something to cheer about this year.
Groundbreaking for the new multi-purpose stadium in Minnesota will take place on December 3rd. This announcement came from the Minnesota Sports Authority after a deal was made with the MSFA and Mortenson Construction. The deal puts a maximum price on the project.
The price of the stadium has been a major point of disagreement between the state of Minnesota’s government and supporters of the new structure. Currently, the state of Minnesota and the City of Minneapolis are contributing over half of the total cost of the stadium, $498 million of the $975 million project.
Meanwhile, the Minnesota Vikings organization will pay $177 million in equity and borrowing, as well as all game-day expenses. They will also be on the hook for $8.5 million in rent each year and a $1.5 million fee for capitol enhancements, both with a 3 percent increase per year. And the NFL will contribute $150 million, with a $50 million grant.
The new, unnamed stadium has a tentative opening date of some time in 2016. While the new building is being built in the place of the old Metrodome, the Vikings will play their games at the University of Minnesota’s stadium.