April 25, 2004
MN stadium hearings
Minnesota's House Taxes Committee will hold hearings this week on a stadium bill for the Twins and Vikings. Among the bill's highlights:
- The teams would be asked to pay one-third of the total cost, including infrastructure, but can count naming-rights fees as "private" money for this purpose.
- If local communities use a general sales tax hike for their share (as has been proposed by Hennepin County for the Twins and Anoka County for the Vikings), the legislature would have to vote separately to authorize it.
- Incremental sales and income taxes, measured against the average of the teams' last three years at the Metrodome, would be redirected to pay down the state's stadium debt. Any shortfall would have to be covered by the teams.
- If the teams are sold, a share of the sale price attributable to the stadiums would go to the state. Notes the Minneapolis Star Tribune: "No method to actualize this is in the bill."
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