3A, TCAAP Stadium Update - Laserfiche WebLink

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RAM5EY COUNTY U5ER �EE PROpOSAL x/�.o/zox2 A menu of user fee options that can generate revenue up to an average of $20.6 million per year, or $618 milfion over 30 years, to be used for capital and/or aper�ting casts at the People's Stadium in Arden Hilis. • No cauntywide sales tax ar food and beverage taxes would be required. + User fee revenues would be generated at the 43D-acre TCAAP site (both at the 260- acre stadium site and 17�-acr� private development area). • Revenues wouid accrue to the 5#ate and 5tadium Authority and could be used for capitai ar operatin� casts. Bands wauid be issued by the State with debt service reduced by these user financing revenues. The following user fee revenues would generate $16.3 miflion beginning in 2a16, increasing by �% each year to $25.5 million in 2045 ($20.6 mifiion per year average): • Parking revenues ($5.4 miliian in 2016) calculated at $2S/vehicle x 19,OQ0 tailgatir�g spaces x 10 games per year, pius $�.0/vehicle x 6�,Q00 parkers at non-game day events each year. • Parking fot naming rights {$2 miflion in 2p16). • Admissions surcharge ($1.6 million in 2016}. 3% surcharge on tickets, compared to 14% surcharge at Mstrodome. • Haspitality taxes at the TCAAP site only, same as existing Metrodome/ Minneapaiis rates for food and beverage, sales, and lodging ($2 million in Zd16). • Redirect growth in State sales tax revenues generated at the new stadium and state business property tax revenues generated at the ancillary private deveiopment area to fund I-35W/I-694 transpartation improvements ($3.3 million in 2�16). • Caunty assumes responsibifity for TCAAP land acquisition and remediation costs ($2 million p�r year over 2Q y�ars). ' Totai project costs =$1.111 biiiion, with Vikings contribution of $425 miflion, 5iate contribution of $350 million, County user fees of $300 millian, and other sources of $36 million.