A deal to build a new $975 million Vikings stadium east of the Metrodome has been reached, Gov. Mark Dayton's office announced this morning.
The financing plan for the "People's Stadium" has the Minnesota Vikings paying for 50.6 percent of the project, the state 26.7 percent and the City of Minneapolis 22.7 percent. Click here for more details on the financing plan.
The new stadium will support more than 13,000 jobs, keep the team in the state for the next 30 years and require no general fund taxes, according to Dayton's office.
"This agreement results from countless hours of analyses, discussions, and negotiations; and I thank everyone involved for an extraordinary effort," Dayton said in a prepared statement. "I respectfully urge the Minneapolis City Council and the Minnesota Legislature to vote their approval as soon as possible. Let's put thousands of Minnesotans to work building our 'People's Stadium.'"
The City Council will need to vote on the plan since the city charter requires a referendum on sports venues that cost the city more than $10 million.