Stadium bonds to go on sale Monday - Bring Me The News

Stadium bonds to go on sale Monday

Author:
Publish date:
Social count:
0

The Pioneer Press reports Monday is the day bonds will go on sale to pay the state's portion of the new Vikings stadium.

Officials announced Friday that the sale was scheduled after a two-week delay from a court challenge.

The Associated Press says three Minneapolis residents alleged the funding mechanism for the new stadium was unconstitutional. The Minnesota Supreme Court dismissed the lawsuit on Tuesday.

Minnesota Sports Facilities Authority Chairwoman Michelle Kelm-Helgen said she needed $17 million from the sale of bonds and an additional $7 million Friday for land acquisitions by the end of the week, according to the Pioneer Press.

But she also said she has been talking with developer Ryan Cos. and construction manager Mortenson about contingency payment plans.

Minnesota Management and Budget is selling $468 million in bonds to support a $498 million public contribution to the stadium. The Vikings are putting up $477 million.

Related

Next Up