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• <br /> - AIwEN HILLS <br /> MEMORANDUM <br /> DATE: March 7, 2012 EDC Agenda Item 4.A <br /> TO: Economic Development Commission Chair and Commissioners <br /> FROM: Jill Hutmacher, Community Development Director j'Ff <br /> SUBJECT: TCAAP and Stadium Development Update <br /> On March 1, a stadium deal between the City of Minneapolis, the Minnesota Vikings, and the <br /> State of Minnesota was announced. The $975 million stadium would be built on top of, or just <br /> east of the existing Metrodome site. Project funding includes $427 million from the Vikings, <br /> $398 million from the State, and $150 million from the City of Minneapolis. The State <br /> contribution would be funded through new gambling revenue from electronic pulltabs and virtual <br /> bingo. The Minneapolis contribution would be funded through existing hospitality taxes that are <br /> currently being used to support bonds for the Convention Center. The project cost has increased . <br /> $80 million from the $895 million that was suggested at the November and December Senate <br /> hearings. <br /> Annual operating costs are expected to be approximately $20.5 million. Minneapolis would <br /> contribute $180 toward operating costs over the next 30 years. The Vikings would contribute <br /> $11.5 million annually for operating costs. <br /> Renovations to the Target Center would not be included in the deal, although Minneapolis will <br /> likely seek legislative authority to use any excess hospitality taxes for the Convention Center and <br /> Target Center. <br /> City of Arden Hills <br /> Economic Development Commission February 1, 2012 <br /> Page 1 of 1 <br />