MINNEAPOLIS, May 9 (Reuters) - The Minnesota Vikings football team would get a new stadium built at the same location as the current Metrodome under a proposed $895 million plan announced by the city of Minneapolis on Monday.
The Vikings, the state and Minneapolis would share the cost of the new stadium for the National Football League team under the proposal from the city. Ramsey County has proposed a rival stadium deal in the northern suburb of Arden Hills.
The Minneapolis plan calls for the Vikings to contribute $400 million to the cost of the stadium, or 45 percent. Minnesota would pay 33 percent of the costs or $300 million, and Minneapolis would finance 22 percent or $195 million.
"This is the only realistic, sustainable, affordable plan that will keep the Vikings in Minnesota," Minneapolis Mayor R.T. Rybak said in a statement.
The Vikings said later in a statement that the team was not involved with crafting the plan, but appreciated the proposal.
"While we have concerns about provisions within the city's proposal, the team will examine it in further detail and respond accordingly," the Vikings said.
The plan incorporates parts of the existing Metrodome stadium and a $95 million renovation of the Target Center arena, home to the Minnesota Timberwolves.
The city's share would be paid for with bonds backed by the a tax on tickets, parking fees, restaurant and liquor taxes, a 0.15 percent city sales tax and the use of other tax revenue.
Minnesota would pay for its share through a professional sports memorabilia tax, a sales tax on stadium suites and direct satellite services, as well as a sports-themed state lottery game, according to the plan.
A new Minnesota Stadium Authority would be created to own, operate and maintain the Vikings stadium, the Minneapolis Convention Center and the Target Center.
Both the Minneapolis and Ramsey County proposals would require approval of the Minnesota Legislature, which is scheduled to adjourn in two weeks and has not yet completed work on a state budget.
The aging Metrodome was damaged during the winter when part of the roof collapsed under the weight of snow.
The Vikings, the state and Minneapolis would share the cost of the new stadium for the National Football League team under the proposal from the city. Ramsey County has proposed a rival stadium deal in the northern suburb of Arden Hills.
The Minneapolis plan calls for the Vikings to contribute $400 million to the cost of the stadium, or 45 percent. Minnesota would pay 33 percent of the costs or $300 million, and Minneapolis would finance 22 percent or $195 million.
"This is the only realistic, sustainable, affordable plan that will keep the Vikings in Minnesota," Minneapolis Mayor R.T. Rybak said in a statement.
The Vikings said later in a statement that the team was not involved with crafting the plan, but appreciated the proposal.
"While we have concerns about provisions within the city's proposal, the team will examine it in further detail and respond accordingly," the Vikings said.
The plan incorporates parts of the existing Metrodome stadium and a $95 million renovation of the Target Center arena, home to the Minnesota Timberwolves.
The city's share would be paid for with bonds backed by the a tax on tickets, parking fees, restaurant and liquor taxes, a 0.15 percent city sales tax and the use of other tax revenue.
Minnesota would pay for its share through a professional sports memorabilia tax, a sales tax on stadium suites and direct satellite services, as well as a sports-themed state lottery game, according to the plan.
A new Minnesota Stadium Authority would be created to own, operate and maintain the Vikings stadium, the Minneapolis Convention Center and the Target Center.
Both the Minneapolis and Ramsey County proposals would require approval of the Minnesota Legislature, which is scheduled to adjourn in two weeks and has not yet completed work on a state budget.
The aging Metrodome was damaged during the winter when part of the roof collapsed under the weight of snow.
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