Posted February 2013
What are the latest developments on design and construction?
Through an extensive RFP and interview process, the Minnesota Sports Facilities Authority (MSFA) and the Vikings selected HKS, Inc. to design the stadium and Minnesota-based Mortenson Construction as the construction manager to build the facility.
HKS has designed two of the most recent NFL stadiums – Lucas Oil Stadium (Indianapolis-2008) and Cowboys Stadium (Dallas-2009). In 2008, the Dallas-based firm worked with the then-Metropolitan Sports Facilities Commission and the Vikings on a new stadium outline for the Metrodome site.
Mortenson has extensive sports venue experience both nationally and in Minnesota, having built Target Field, Target Center, Xcel Energy Center and TCF Bank Stadium. The company’s workforce will be 100% Minnesota-based, and the firm estimates the new stadium project will require 4.25 million work hours and employ 7,500 workers during the approximate three-year build.
When will the stadium design be unveiled?
HKS, the Vikings and the MSFA continue to work on a stadium design and expect to publicly unveil the 100% schematic design later in spring 2013.
When will construction begin?
Groundbreaking is expected in October 2013.
When will the new stadium open?
The stadium is set to open in July 2016 in time for the 2016 NFL season.
Where will the Vikings play while the new stadium is constructed?
The Vikings and the MSFA have determined that 2013 will be the team’s final season at Mall of America Field. Construction will begin on the eastern edge of the stadium site during the final months of 2013, and shortly after the conclusion of the 2013 season, the Metrodome will be demolished. The team continues to work on a use agreement with the University of Minnesota to play at TCF Bank Stadium in 2014 and 2015.
Will the stadium have a retractable roof?
The legislation calls for a fixed roof. The Vikings and the MSFA are currently exploring options for a retractable feature, such as an end wall, a window overlooking downtown or a portion of the roof. These decisions will be made in the next 60-90 days.
How will this stadium compare to the current Metrodome?
The new stadium will seat approximately 65,000 fans, expandable to 73,000 seats for a Super Bowl. With the closest fans being just 44 feet from the sidelines, Vikings fans will be as close to the action as any fans in the NFL. The stadium will have up to 150 suites, as well as bunker and end zone suites, and up to 7,500 club seats. Fans will enjoy wider concourses, more restrooms, increased and enhanced concessions, accessibility for fans with disabilities, and ample space for pre-game events and activities. The stadium will have a Vikings Hall of Fame and team restaurant.
A full comparison chart will be available after stadium design unveiling in spring 2013.
How much will the new stadium cost?
The total project cost will be $975 million, which includes approximately $700 million toward the cost of construction. Additional costs include land acquisition and remediation, administrative fees, contractor fees, etc. Mortenson Construction will provide a guaranteed maximum price later this fall for the construction in order to prevent cost overruns.
How is the project being financed?
Of the project’s $975 million upfront capital costs, the Vikings have guaranteed that $477 million, or 49%, will be privately covered. The team will rely on a combination of private financing and equity, as well as NFL financing in the form of a loan repaid by stadium revenues. The Vikings also have the option to use Stadium Builder’s Licenses (SBLs), a financing mechanism used in many stadium projects.
The remaining $498 million public contribution will be split between the City of Minneapolis and the State of Minnesota and will not include new taxes or have a negative impact on the State’s general fund. The City’s $150 million contribution will be paid by redirecting a portion of the current “Convention Center Taxes,” while the State will issue appropriation bonds for $348 million. The appropriation bonds will be repaid through the modernization of State-authorized charitable gaming that includes electronic pull-tabs and bingo.
Who will own and operate the stadium?
The stadium will be owned by the State of Minnesota, specifically under the guidance of the MSFA. The public body made up of three appointees by the governor and two by the mayor of Minneapolis, includes the following individuals:
Michele Kelm Helgen, Chair
Duane Benson – former State Senator and linebacker for the Oakland Raiders
Barbara Butts-Williams, PhD – Dean of Business, School of Business and Technology, Capella University
John Griffith –Executive Vice President of Property Development, Target
Bill McCarthy, Vice Chair – President, Minneapolis Regional Labor Federation,
MSFA Executive Staff
Ted Mondale, CEO/Executive Director
The MSFA and the Vikings together will approve a third-party operator to manage the stadium and parking facilities in accordance with the requirements of the MSFA, which include developing an operating plan and operating budget.
Who will pay to operate the stadium?
The stadium will require approximately $20.5 million annually for operating expenses/capital improvement funding, of which the Vikings have committed to contribute $13 million - or 63%. The City of Minneapolis will cover the remaining $7.5 million annually. From the Vikings $13 million, $8.5 million will go toward rent, the largest rent payment in the NFL where the team is a tenant.
What types of events will be hosted in the stadium?
The team and the MSFA will maximize the use of the facility by attracting events that create economical, fiscal and social benefits to the State and local communities, including NCAA competitions, a Super Bowl, college bowl games, concerts, civic, community and not-for-profit events. The Vikings have already submitted a bid for Minneapolis to host the Super Bowl in 2018, 2019 or 2020, and the MSFA plans to bid for an NCAA Final Four in 2017 or 2018.
The MSFA will also host events consistent with historic operations of the Metrodome. The stadium will be available for high school and amateur sports and other community events.
What will ticket prices be in the new stadium?
Prices have not yet been established. More information will be posted as it becomes available.
What is the seat selection process?
The Vikings goal is to develop a fair system that ensures current Season Ticket Owners (STOs) will have priority for seats at the new stadium. Each current Mall of America Field Season Ticket Owner who maintains season tickets during the Vikings seasons at TCF Bank Stadium will have priority for seats at the new stadium. The Vikings will also establish a waitlist where fans who are not current Season Ticket Owners will be placed based on availability once STOs have selected their seats. The Vikings will have staff available to work with fans in this area as the stadium is designed.
I am a current Season Ticket Owner; what do I need to do to be placed on the new stadium waitlist?
Current Vikings Season Ticket Owners who maintain their active account status at Mall of America Field and during the Vikings seasons at TCF Bank Stadium will have priority for seats at the new stadium with no waitlist deposit required.
Will I have a similar seat to my current one at Mall of America Field?
The Vikings will make strong efforts to ensure each current Mall of America Field STO will be offered a comparable location in the new stadium.
What is my seat selection priority?
Current Vikings Season Ticket Owners who maintain their active account status at Mall of America Field and during the Vikings seasons at TCF Bank Stadium will receive seat selection priority over waitlist customers in the new stadium. Fans on the waitlist will have the opportunity to select seats after all current season ticket holders have had a chance to review their options.
Will there be accessible seating for fans with disabilities?
Yes, accessible seating will be available on all seating levels of the stadium. The new stadium will be in compliance with all federal ADA requirements and will be designed to allow patrons with disabilities to enjoy the comforts and amenities of the building.
Will the stadium be LEED certified?
The Vikings and the Stadium Authority are committed to working with the architect and construction manager to make the stadium as environmentally and energy efficient as possible and will make an effort to build a stadium that is eligible to receive the Leadership in Energy and Environmental Design (LEED) certification.
Will there be a new stadium marketing center where fans can see elements of the new stadium and review a seating process with a member of the Vikings staff?
Yes, Vikings Season Ticket Owners and others can see, touch, and feel the new stadium at a new stadium preview center, which will open at a to-be-determined date in 2013. Every STO will have an opportunity to meet face-to-face with a personal sales consultant at the preview center to discuss benefits and seating options at the new stadium.
Will the new stadium have a seat license program?
Stadium Builders’ Licenses were thoroughly vetted throughout the legislative process and were included in the legislation as a project finance option. Half of all stadium projects throughout the NFL have used SBLs as a finance tool, and SBLs are being considered for this project as well. The team and the Authority will continue to analyze the market and the season ticket base to make a final determination on SBLs. Any SBL proposal will need approval from the Authority.
What is a Stadium Builder’s License?
A Stadium Builder’s License (SBL) is a license sold for a one-time fee that is used to help finance construction of a new stadium. SBL programs have been used as a finance tool for half of all stadium projects throughout the NFL. The SBL provides additional benefits to holders, including the opportunity to own seats for a defined term.
Where does the money from SBLs go?
All proceeds from SBL programs are directed toward construction costs of the new facilities.
How many NFL stadiums have used SBLs?
Sixteen stadiums that serve as the homes for 17 NFL teams have used SBL programs as a project finance tool. Most recently, new stadiums for the Cowboys, 49ers and Jets/Giants were significantly funded by SLB programs.
What prices are being considered for SBLs?
Any pricing decisions would be scaled to locations within the building. The Vikings and the Authority have not made any decisions on the depth of prices or products. Until the research is complete, the project decisions cannot be made.
When does the team expect to make final decisions on products and pricing?
The sales process will likely begin after the 2013 NFL season.