Short-term financing may be needed to keep stadium on schedule - Bring Me The News

Short-term financing may be needed to keep stadium on schedule

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Short-term financing may be required with a lawsuit blocking the sale of public bonds for a new Vikings stadium.

The lawsuit threatens to delay the timeline for construction on the Vikings Stadium, if the matter is not resolved in time.

The Pioneer Press reports even if the State Supreme Court acted quickly it is unclear if the state could or would make the bond sale in time to provide money for the project by next week.

According to the newspaper, Minnesota Management and Budget Commissioner Jim Schowalter isn't sure what a short-term financing package would look like. He said, "We're in, again, unprecedented waters."

The Minnesota Sports Facilities Authority officials have said they need proceeds from the $468 million bond sale by next Thursday to proceed with the acquisition.

Schowalter was unsure if the money could be ready by Thursday. He told the Pioneer Press it takes time to put together a bond sale, similar to the process of closing on a house.

Three Minneapolis residents filed the lawsuit to stop the bond sale and the stadium project. Former Minneapolis mayoral candidate, Douglas Mann, his wife, Linda; and former city School Board member David Tilsen say the bond sale is unconstitutional.

The MSFA said, "Mr. Mann appears to be a serial litigant, determined to keep asserting meritless claims until this court, the final arbiter of Minnesota law, definitely disposes of those claims.

Both sides in the lawsuit filed their paperwork on Thursday.

The court is expected to rule in short order.

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