Vikings bonds sold, Minnesotans can look forward to 30 years of exciting annual bills

And the Minnesota Vikings stadium bonds have been sold:

“It’s a good day. It’s a good day to get the sale done and move on to the building of the stadium,” said [Minnesota Management and Budget] commissioner Jim Schowalter. “The rates we got were really good because of market conditions. That said, we’re probably still paying a little bit higher rates than we would for our typical general obligation bonds.”

MMB said the interest rate on the sale was 4.27 percent for the combination of taxable and non-taxable bonds. The money will pay for the state and city’s portion of the $1 billion stadium, now under construction in Minneapolis.

The bonds are for $462 million, but counting operating subsidies from the city of Minneapolis and the value of free land and property-tax breaks, the total public subsidy is more like $1.1 billion. At least Minnesotans will get to host a Super Bowl for their trouble, maybe. Woo?


9 comments on “Vikings bonds sold, Minnesotans can look forward to 30 years of exciting annual bills

  1. Hey, it worked for us here in NJ!

    “Wait, what do you mean we’re losing money hosting the Super Bowl? But..but..they told us…

    How f’ing stupid is everyone?

  2. Ahh Tom

    MetLife stadium was privately financed. Sure there were tax breaks given but that stadium is the last one worth mentioning if you’re complaining about welfare for billionaires.

  3. John,

    The stadium MAY have been privately financed, but in order to have the Jets and Giants commit to spending their own money on the stadium construction the state had to: (pay for)
    1.Fund and build mass transit/rail connections and expand bus service to the site.
    2.Improve infrastructure in and around stadium site.
    3. Re locate existing racetrack clubhouse for more parking near stadium.
    4. Demolish Giants stadium, which had been renovated and had new construction of luxury suites not too long ago.
    5. Pay off stadium debt, without a stadium to generate revenue to do so.

    Estimated costs of all that? Low end ~$200 million-$450 million. All paid for by the taxpayers.

    I’m not sure Met Life stadium should be considered privately funded when all of that is taken into account.

  4. Additional info

    http://www.npr.org/2014/01/18/263767372/the-nfl-big-business-with-big-tax-breaks

  5. I’m from New Jersey. Which is why I own a football team in Minnesota – the f*ck if I’m gonna pay for my own stadium, suckers! Minnesotans are going to spend the next 30 years shoveling money at my stadium and I’m going to spend the next 30 years ringing the register, baby. And don’t you think I won’t be asking for periodic “upgrades” as well, haha.

  6. Sorry, I should have said “demanding periodic upgrades or else”, not “asking.” NFL owners don’t do no askin’, amigos. We dictate terms or…. Los Angeles, London, Timbuktu, etc., capiche?

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