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Stadium Risk Analysis Exec Summary

Stadium Risk Analysis Exec Summary

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Published by KSTPTV

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Published by: KSTPTV on Oct 12, 2011
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Sad Proposal Rsk Analss
Eee Sar
Metropolitan Sports Facilities Commission
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ExEcutivE SummARy
Ramsey County and the Minnesota Vikings organization haveproposed a new stadium to be built at the site o the ormer TwinCities Army Ammunition Plant (TCAAP) in Arden Hills. In August 2011, Governor Mark Dayton requested the Metropolitan Counciland the Metropolitan Sports Facilities Commission (MSFC)to evaluate the stadium proposal to determine:
•
 The potential risks, i any, o State participation in the StadiumProposal and necessary regional transportation improvements, and
•
Potential ways to mitigate or eliminate any resulting exposure tothe public. This report presents the results o that evaluation. It includesinormation rom several sources, including the consulting rm o Kimley-Horn and Associates, Inc., the Metropolitan Council, theMSFC, Ramsey County, the Minnesota Vikings, the Minnesota Department o Transportation, the City o Arden Hills, the City o Shoreview, the City o Mounds View, the City o New Brighton, theCity o Blaine, the Minnesota Pollution Control Agency, U.S.General Services Administration, the U.S. Army, the Minnesota National Guard, and others.
 The Stadium Proposal
 The Minnesota Vikings envision the Stadium Proposal Property to bea mixed-use development initially consisting o a new stadium,parking or stadium events, and possibly team acilities. Sometime inthe uture, depending on the state o the economy, the property wouldinclude a mix o commercial (oce, retail, hotel, restaurants) andresidential space. The Stadium Proposal Property would occupy 430 acres within the2,400-acre TCAAP site (see Image 1 in the Scope o Analysis/TCAAPSite Ownership and Land Uses section o this report). Within thisproperty, the stadium, parking areas, support acilities, andcirculation roadways would be built on approximately 260 acres (theStadium Parcel). The remaining 170 acres (Development Parcel) would be reserved or uture residential and commercial development. The 430-acre Stadium Proposal Property would be acquired by Ramsey County rom the U.S. Army through the ederal GeneralServices Administration (GSA). The 260 acres o the StadiumProposal Property (the Stadium Parcel), including the stadiumacilities, would be conveyed to a Stadium Authority, to be established by the Minnesota Legislature. The Minnesota Vikings would ente
ExEcutivE SummARy
 The Minnesota Vikingsenvision the StadiumProposal Property to bea mixed-use development initially consisting o a new stadium, parking or stadium events, andpossibly team acilities.Sometime in the uture,depending on the state o the economy, the property  would include a mix o commercial andresidential space.
 
 
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 into a long-term lease or use agreement or a term o 30 years, withoptions to extend the term, with the Stadium Authority. The remaining approximately 170 acres (the Development Parcel) would be conveyed to the Minnesota Vikings or a related entity or uture development once Ramsey County acquires the Stadium Pro-posal Property. The estimated cost or the Stadium Proposal is $1.111 billion, with theollowing proposed unding. The May 2011 agreement between Ramsey County and the Minnesota  Vikings had proposed an estimate o $1.072 billion. The budget waslater revised to include $101 million to pay or necessary ositetransportation improvements and a cost reduction or building a xedroo instead o a retractable one. The $1.111 billion budget includes$39 million or which a unding source is not yet identied. It isassumed that the State o Minnesota and Ramsey County shares willnot change, but negotiations continue to address this unding gap.Under the proposal, the Vikings would receive all revenue generatedrom NFL activities held at the stadium.
Land Transer and Remediation
 The land transaction like the one contemplated by Ramsey County and the General Services Administration (GSA) is complex because
State ofMinnesota$300 millionRamseyCounty$350 millionMetrodome/MSFC$15 millionFunding Gap$39 millionMinnesotaVikings$407 million
Chart 1 Funding of $1.111 Billion Project Cost
 The $1.111 billion budget includes $39 million or  which a unding source isnot yet identied. It isassumed that the State o Minnesota and Ramsey County shares will not change, but negotiationscontinue to address thisunding gap.

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