The Minneapolis City Council signed off on funding plans for a new $975 million Minnesota Viking stadium downtown. The 7-6 vote came one day after a council committee advanced the financing package by the same vote.
City and state officials are expected in coming weeks to name members to a new authority that would manage the stadium. The state is also awaiting an opinion from the state Supreme Court validating its ability to issue appropriation bonds.
The state legislation authorizes the issuance of up to $498 million of state appropriation bonds. Minnesota borrowing would cover both the city and state share of the stadium costs, with Minneapolis making annual payments to the state beginning in 2021 and continuing through 2046, totaling $150 million. The team would cover the remaining costs.