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State Sells $462M in Bonds for New Vikings Stadium

Updated: 01/28/2014 12:58 PM
Created: 01/27/2014 10:11 PM KSTP.com
By: Megan Stewart

The state of Minnesota will finally be able to pay its stadium bills.

The state sold $462 million in bonds by the close of business on Monday to pay for its portion of the new Vikings stadium, said John Pollard, spokesperson for the Minnesota Management and Budget.

The state was supposed to begin selling the bonds last year, but a combination of poor electronic pull-tab revenue and lawsuits postponed it.
  
The sale was also held up by a last-minute legal challenge filed Jan. 10 before the Minnesota Supreme Court by three Minneapolis residents who claimed the funding mechanism for the stadium was unconstitutional. The state decided to delay the bond sale until the legal issues could be resolved. The court dismissed the lawsuit on Tuesday.

The state had originally estimated $468 million, but there was a change in the final number based on the market conditions of the sale date, Pollard said.

The sale netted the stadium a total of $498 million after premiums, Pollard said.
   
The new $1 billion stadium, on the Metrodome site in downtown Minneapolis, has a planned opening of July 2016.


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