SF 25

as introduced - 88th Legislature, 2013 1st Special Session (2013 - 2013) Posted on 09/10/2013 08:31am

A bill for an act
relating to stadiums; requiring private stadium revenues to be paid into the
state treasury; requiring stand-alone owner payment; amending elements of the
stadium financing package; amending Minnesota Statutes 2012, section 473J.15,
by adding subdivisions.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 473J.15, is amended by adding a
subdivision to read:

new text begin Subd. 17. new text end

new text begin Private revenues; state remittance. new text end

new text begin Revenues contributed by the
Minnesota Vikings football team for the team commitment for stadium construction or
operation from naming rights, personal seat licenses, builder's licenses, or any NFL loan
or builder's program must be paid by the team to the state of Minnesota, and deposited in
a fund to be known as the private contribution fund. The commissioner of management
and budget shall release money from this fund to the Minnesota Stadium Authority, as
needed, to pay for construction and operation of the football stadium, per statutorily
required agreements. The commissioner shall publicly account for the source of revenues
and status of the fund in a manner determined by the commissioner.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2012, section 473J.15, is amended by adding a subdivision
to read:

new text begin Subd. 18. new text end

new text begin Owner payment. new text end

new text begin The owner of the Minnesota Vikings football team shall
pay a minimum contribution of $200,000,000 to the construction of the Minnesota Vikings
stadium, separate and in addition to the revenues deposited in the private contribution
fund. This amount must be paid by the team to the state of Minnesota and shall be
deposited in a fund to be known as the owner's contribution fund. The commissioner of
management and budget shall release money from this fund to the Minnesota Stadium
Authority, as needed, to pay for construction and operation of the football stadium, per
statutorily required agreements. The commissioner shall publicly account for the source
of revenues and status of the fund in a manner determined by the commissioner.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from May 1, 2012.
new text end

Sec. 3.

Minnesota Statutes 2012, section 473J.15, is amended by adding a subdivision
to read:

new text begin Subd. 19. new text end

new text begin Stadium contributions. new text end

new text begin Notwithstanding any law or ordinance to
the contrary, the following amounts shall be the amounts contributed by parties to the
construction of a football stadium in Minneapolis:
new text end

new text begin (1) the owner contribution shall be $200,000,000;
new text end

new text begin (2) the state contribution shall be $100,000,000;
new text end

new text begin (3) the city of Minneapolis contribution shall be $150,000,000;
new text end

new text begin (4) the NFL loan and gift shall be $200,000,000;
new text end

new text begin (5) naming rights shall be sold for not less than $150,000,000 in present value;
new text end

new text begin (6) personal seat licenses shall be sold for not less than $175,000,000 in present
value; and
new text end

new text begin (7) if naming rights and personal seat licenses exceed or fall short of stated amounts,
any shortfall or surplus shall be apportioned 66.67 percent to the Vikings and 33.33
percent to the state of Minnesota.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively from May 1, 2012.
new text end