CHICAGO — The public agency overseeing construction of a new Minnesota Vikings stadium approved a $49 million increase in the project's budget due to rising construction costs.

The funds will come from the National Football League Team. The public's tab for the project is capped at $498 million. The Minnesota Sports Facilities Authority board approved the budget changes at a meeting Friday. The authority has a $21 million contingency fund in place to cover future cost overruns.

The Vikings previously committed an additional $28.5 million to the project and more recently agreed to cover $20 million in new costs to stick with refinements included in the design. The increases bring the Vikings total contribution to $526 million for the $1 billion project.

"We appreciate the team stepping up to make this significant contribution was instrumental in helping to solve our budget gap," authority board chairwoman Michele Kelm-Helgen said in a statement.

The authority also approved a 10 year contract with SMG to provide stadium marketing and management services for the new stadium. SMG manages over 200 facilities worldwide, including four National Football League stadiums.

The state issued appropriation backed bonds to cover the public costs of the stadium. The bonds covered Minneapolis' up to $150 million contribution and the state's up to $350 million contribution for the new stadium.

The 65,000-seat stadium is being built adjacent to the team's longtime home, the 31-year-old Hubert H. Humphrey Metrodome, which is already being dismantled. The new stadium is expected to be ready for the 2016 season. Until then, the Vikings are playing at the University of Minnesota's TCF Bank Stadium.

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.