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June 22, 2007
Vikings stadium to hit $1B?
Here's a new twist on the "two-minute warning" stadium gambit: Minneapolis' Metropolitan Sports Facilities Commission warned yesterday that the price tag for a new Minnesota Vikings stadium could hit $995 million by 2009. And this, mind you, from an agency that wants a stadium built: If the state legislature approves a stadium next year, it reported, taxpayers can get one for the bargain price of just $954 million!
Of course, given that a dollar today is worth marginally more than a dollar next year (not so much because of inflation as because you can invest it and earn interest on it in the interim), the state would arguably be better off holding onto the money and eating the added cost. (And that's ignoring, of course, the third option: Not giving the Vikings the money at all.) But that's not the kind of analysis that makes for snappy headlines.
Kids -- today's new term (courtesy of Senate Majority Leader Larry Pogemiller) for giving money away to a private business is "public participation." Can you say it? No Jimmy. Not public subsidy. Public participation. There you go. Very good class.
Posted by George on June 24, 2007 06:04 PM