Vikings reportedly have new stadium deal

[Auggie]

espn.com / 2-7-12

The Minnesota Vikings have reached a preliminary agreement with Minneapolis and the state of Minnesota on a new stadium, according to a report in the Minneapolis Star Tribune.

The report, citing multiple sources who spoke Friday on condition of anonymity, said the sides agreed on the division of costs for a $975 million stadium on a site at or near the Metrodome, the Vikings' home since 1982.

Sources told the Star Tribune the city would pay $150 million in construction costs and roughly $180 million in operating costs over the next 30 years, while the state would pay $398 million and the Vikings would pay $427 million.

The sources said other details, including cost overruns, still had to be ironed out, but that an announcement was expected next week.

MORE: http://espn.go.com/nfl/story/_/id/7587788/report-minnesota-vikings-preliminary-agreement-stadium

$728 million of public money.

[trumad]

1. Meanwhile---

Cuts in Public Pensions, Libraries and just about every public function that benefits society keep moving forward.

Welfare for the 1 percent.... ya gotta love it.

[Auggie]

2. The more I think about $728 million in public money ...

the harder it is to believe Minnesotans -- people, not politcians -- will agree.

There's gotta be public outcry.

Any Vikings fans care to comment?

[Morning Dew]

10. And the Capitol building in St. Paul is in need of $241 million in restoration work.

but hey, maybe they work a new capitol into the stadium design.

http://www.twincities.com/ci_19950652

According to the commission, the building has reached a "tipping point" at which certain upgrade changes must be made in one to two years or the building will be beyond preservation and instead demand constant upkeep or complete replacement.

This would mean a loss of cultural and historic value unseen in other states, said Greg Donofrio, an assistant professor of architecture at the University of Minnesota.

"The prominence and significance of Cass Gilbert as an architect is really pretty difficult to overemphasize," Donofrio said. "We have one of the first major works of a master architect right downtown in St. Paul."

[JonLP24]

3. I don't have the book anymore

but it showed that the Vikings were one of the lowest income generating teams. They sell out all the time which surprised me but the Metrodome lacks things most other stadiums have that generate revenue. It always made sense of all teams for the team to campaign for a new a stadium.

However this isn't to say the public should pay for property to be used by a business.

[Auggie]

4. Majority owner Zygi Wilf's Net Worth is $1.3 billion dollars

LINK: http://www.celebritynetworth.com/richest-businessmen/zygi-wilf-net-worth/

Wait -- there's more. Wilf is a Class-A douchebag. According to Forbes a few days ago (2-1-2012):

They (the populace) offered to build him (Wilf) a new, $1.1 billion, cash-rich stadium that would allow the team owner to make hundreds of millions of dollars from new stadium revenue and possibly much more from developing nearby real estate. The plan offered by Ramsey County would have the Vikings contributing $425 million (including a substantial loan from the National Football League), the state $350 million and $336 million from the county.

The StarTribune reported yesterday that the Vikings rejected the plan, the third one presented to the team, essentially because the Vikings will not make enough money from the new stadium as they would have from the previous proposals. The latest plan delivered to Gov. Mark Dayton shifted from using county sales taxes to user fees at the proposed stadium site in Arden Hills. Lester Bagley, the team’s VP, was direct about the third effort, saying, “Our view is the earlier proposals were more viable.”

More viable for whom? Let’s not forget that Minnesota is tied with Connecticut at sixth-worst among states with the biggest budget shortfalls ($3.8 billion). Let’s also not forget that Wilf paid $600 million for the NFL team in 2005 and the Vikings are now worth $796 million. Moreover, in (Forbes') next valuations this coming August, the value of the Vikings will be higher thanks to the league signing much richer broadcasting deals with ESPN, NBC, CBS and Fox recently.

Wilf’s desire for a new stadium is understandable. The Metrodome is a relic. It’s roof collapsed 14 months ago. But his customers are struggling to pay the bills and this guy just plucked down $19 million for a Park Avenue apartment. The whole thing smells bad.

LINK: http://www.forbes.com/sites/mikeozanian/2012/02/11/vikings-owner-slaps-taxpayers-for-offerinig-to-make-him-much-richer/

He's fucking the entire state -- and they're letting him. WOW!

[JonLP24]

5. I mean income for the year

I'm not defending the behavior, just that is understandable from a maximize profits point-of-view. The same book also said in many cases stadiums or arenas aren't really all that helpful for the city, in some cases they are. One reason is that it mostly employs millionaire and billionaire employees that are most likely not even going to live in the city they play for. I had a friend in the Army who literally lived down the street(his dad is rich) from Kevin Garnett in Long Lake, MN. Why that is bad is because they are buying a house in that city, Long Lake, then the realtor makes money that he/she will spend where he/she lives. The multiplier effect, also they are more likely to hold on to money rather than spend it.

I remember when the Cardinals stadium had a proposal not more than 10 miles(if that) from me in a big dirt lot here in Mesa. The vote failed narrowly and ended up going to Glendale as a last resort before they moved to Portland(just a rumor, who knows where they would have ended up). While I would vote to have the Cardinals in Mesa, what they did with that piece of land was probably more beneficial(though with Fiesta Bowls, National Championships, Super Bowl, many international soccer matches and friendlys the stadium would have a strong case) was to develop a very nice shopping center, though it disgusts me the main attraction is a 24-hour Super Wal*Mart(built w/ tax payer money). It does have a Home Depot, JCPenny, many stores and restaurants, both fast-food and casual. What this does employ hundreds, maybe thousands of people that live in the city that will spend their money in shops, restaurants, grocery stores, etc that those workers in those shops and grocery stores will spend their money in the city.

However, the book argued that having a team represent the city can be viewed as more important than things that are more beneficial to the local economy. I remember watching Arizona History 70's on PBS and one person said that having the Phoenix Suns made them(speaking for others) feel like they were finally a major metropolitan city.

I'm with you on this. I think Wolfi should spend his own money.

[Auggie]

6. I know you're not defending him. And you are correct

about Vikings revenue -- it's among the lowest in the league (I verified that while researching my response but didn't bother to post it). I found the financial on Wilf more startingly and went that route instead.

I wonder -- if L.A. wasn't pining for team, would the people of Minnesota acquiesce so readily?

[JonLP24]

7. One last post about the book

The NFL loves LA.

The NFL could have easily decided no teams can ever move. But the reason they don't do that is to increase the negotiating power of the NFL team over the city with the threat of relocation.

IOW, the answer is yes. Another answer is from all accounts, Minnesotans love their Vikings.

[Auggie]

9. Bingo ...

a team in L.A. means more money for everyone under revenue sharing.

I wonder too if Wilf was surprised the city/state countered with that much money? Was he purposely trying to move to L.A. by demanding such a ludicrous sum?

[bluedigger]

8. I thought LA was pining for the Fjords.