Minnesota Public Radio has obtained a draft of the Vikings stadium bill.
People who have seen the bill say it’s authentic, but there will likely be changes by the time it’s introduced next week.
This version is labeled “Version 2” and dates from March 21, so it’s at least of recent vintage. It’s got more twists and turns than an Adrian Peterson run, but it makes for some great reading.
The highlights of this version pretty much match the letter and the bill summary that the Vikings published last night. But there are a lot more details.
There’s no overall pricetag for the stadium in the bill, but the language requires the team to pay at least a third of the cost.
A proposed 40 year lease may mean state officials are thinking about an unusual 40-year Metropolitan Council bond sale to finance the stadium. It would be the longest lease in the NFL.
This version also includes a very long list of potential taxes, including liquor, sales, lodging, sports memorabilia, entertainment taxes, ticket taxes, food and beverage taxes, and even a “local tax to be named later” provision. It also allows the use of excess funds from the Twins stadium tax, as well as taxes generated to repay Minneapolis convention center bonds.
It also has a public protection clause, allowing the state to retain the team name and up to 18 percent of the team if it is sold within 10 years after the bill becomes law, pro-rated at 1.8 percent per year.
Under this bill, the taxes could blink on by June 30 this year, and local “partners” could submit bids to be part of the deal. A site selection committee is scheduled to pick a site by February 15, 2012.
Vikings vice president Lester Bagley said he wouldn’t comment on the particulars of the bill, but said it provided a “framework” to open negotiations. Responding to earlier reports of the bill, he cited a player income tax surcharge and a luxury box tax as two items that might be sticking points for the Vikings.
GOP legislative leaders said at the Capitol today that the stadium is not a priority for them, and they want to finish work on the budget. Gov. Mark Dayton issued a statement on the stadium proposal that said, “This bill is a good start, and gets the stadium discussion started within the Legislature.”
At any rate, here’s your weekend reading.
Update:An official who has seen later a later version of this bill says the naming rights may not stay with the team in the final version. The state may count the revenue for its contribution.