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Banks team up on bonds for stadium construction

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The Minnesota Office of Management and Budget has notified eight banks that they have been selected to underwrite bonds that will be used to to finance construction of the new Vikings stadium.

The Associated Press reports the banks were selected from a group of 22 financial institutions that submitted proposals to underwrite the hundreds of millions of dollars in bonds. RBC Capital Markets will take the lead role, with J.P. Morgan, Wells Fargo Securities and five other firms getting a share of the transaction.

The bonds will be sold during the two-year construction phase. Bonds are loans that allow the financial institutions to pay the city and state shares of the stadium costs. The city and state agree to pay the banks back with interest.

The taxpayer share of the stadium is $498 million. The team is on the hook for rounding up the remaining $477 million.

Groundbreaking on the new stadium is expected in October, with the new facility expected to be completed in downtown Minneapolis in time for the 2016 season.

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