Ramsey County would bear none of the fiscal burden of a $350 million revenue bond issue for a new Minnesota Vikings stadium because a new sales tax would generate sufficient revenue to repay the debt, according to a report.
The county-commissioned study from Springsted Inc. reports that a sales tax increase would raise more than the $22.5 million in annual revenue needed to repay the bonds.
The triple-A-rated county and the National Football League’s Vikings are pushing for a stadium in the suburb of Arden Hills. Their proposal calls for a $1 billion facility that would receive some financial assistance from Ramsey County and the state. The team would also contribute to the building costs.
The Minnesota Legislature recently adjourned without voting on a funding package. Minneapolis has floated a competing plan.