Amount includes contingency guarantee of $26.4 million and coverage of $15 million in costs of playing at University of Minnesota for 2014 and 2015 seasons
Eden Prairie, MN (November 22, 2013) – The Minnesota Vikings and the Wilf family have committed an additional private contribution of up to $41.4 million for the new stadium scheduled to open in July 2016. The announcement came as part of today’s agreement by the Minnesota Sports Facilities Authority, the Vikings and Mortenson Construction on a Construction Management Plan that includes a Guaranteed Maximum Price of $763 million for construction costs of the new stadium.
The $41.4 million commitment includes the previous $13.1 million line of credit announced on October 3, as well as an additional $13.3 million contingency guarantee. The team will also absorb $15 million as a result of playing at the University of Minnesota for the 2014 and 2015 seasons – costs that were previously included in the $975 million budget – and direct that money toward construction costs of the new facility.
While the Vikings additional financial commitment is not directed toward specific items, it will guarantee the new stadium retains its iconic design and multiple fan amenities necessary for the overall experience.
"From day one our goal has been to build a stadium that benefits the entire state of Minnesota and provides the best game day experience possible for our fans," said Vikings Owner/President Mark Wilf. "This additional commitment is to ensure several of the features that are so important to all users of the stadium remain in this project."
Previously the Vikings had guaranteed a team/private contribution of $477 million for upfront capital costs, in addition to a $14.5 million annual commitment. Those annual costs include $8.5 million in rent - the highest rent payment of any NFL facility – as well as $1.5 million toward a capital improvement fund and $4.5 million for game day expenses. Both the rent and the capital improvement fund contributions will inflate at 3% each year.
The approval of the Construction Management Plan and the GMP finalizes Mortenson Construction as the construction manager and gives the company the authority to move forward with construction. Groundbreaking on the new stadium is set for Tuesday, December 3.