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"They'll want to double down on the bad deal. We've created a monster here," said Sen. Dave Thompson, R-Lakeville, leader of the conservative faction within the GOP Senate caucus.
Stadium supporters noted that the final deal required the team to round up $477 million from private sources, $50 million more than originally promised.
Sen. Doug Magnus, R-Slayton, said he is confident the gambling money will come through. The bill envisions the new electronic games bringing in $59 million a year in tax revenue by 2014. But if tax collections end up being lower, a sports-themed lottery game and a 10 percent suite tax would kick in. Together the two measures would raise $4 million a year, Magnus said.
"Certainly there are a lot of folks that are never going to support any stadium no matter if a fairy godmother dropped one next door to us," said Magnus, who participated in a legislative group that worked behind the scenes on a bill for two years.
Over the long term, supporters also expect the stadium to be a good deal for the state. Sen. John Harrington, DFL-St. Paul, said he expects the return on the state's investment to be substantial over time. The Metrodome was built for $55 million, including $33 million in public money, and ended up bringing in hundreds of millions in tax revenue over the past three decades. Harrington said he voted yes on the stadium to help put people to work.
"I have 20 percent unemployment on the east side of St. Paul," he said. "I need every job in this bill that we can possibly come up with."
The deal guarantees the Vikings' future in Minnesota for three decades. Bagley said the team's billionaire owners, New Jersey developers Zygi and Mark Wilf, supported the final plan, even with the additional private cost, because time was running out. Senate passage came on the last day the Legislature was allowed to take votes.
"It's a good deal for the state, it's a good deal for our fans and it's a good deal for Minneapolis. It's a fair deal," Bagley said.
The Vikings intend to take advantage of an NFL loan program, sell naming rights and possibly impose seat license fees to help cover the team's end of construction costs. They will be bound by a 30-year lease on the stadium and pay about $13 million a year in operating fees. Minneapolis will kick in about $7 million a year for operating costs, and a public authority will have the power to rent the stadium on non-game days for concerts, conventions and special events such as monster truck rallies.
[Associated Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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