Minnesota Gov. Mark Dayton set a deadline of Thursday for Minneapolis and Ramsey County to submit proposals for a new Minnesota Vikings stadium that rely on a mix of local, state and team financing.

Dayton said he wants to settle on a location and financing package to present to the state Legislature when it convenes Jan. 24.

Ramsey County has partnered with the National Football League team to float a $1.1 billion stadium proposal. The plan originally relied on a sales tax increase to repay borrowing, but it was taken off the table by state lawmakers.

The county has said it could raise $25 million annually if allowed to impose food, beverage and hotel taxes similar to those levied in Minneapolis.

Minneapolis has floated a proposal to rebuild the Hubert H. Humphrey Metrodome, the team’s aging downtown venue. The city would repay the borrowing with hospitality taxes once its convention center debt is retired.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.