January 12, 2012 (MINNEAPOLIS) Minneapolis Mayor R.T. Rybak and City Council President Barbara Johnson today offered an updated plan for a new Peoples Stadium for the Minnesota Vikings that also secures the future of the Target Center and the Minneapolis Convention Center. The plan is a response to Governor Mark Dayton, State Senator Julie Rosen and State Representative Morrie Lanning. A copy is attached.

Mayor Rybak and Council President Johnson wrote that Minneapolis Downtown East proposal is the best option for Vikings fans, the Minnesota Vikings, other collegiate, amateur and civic users and Minnesota taxpayers because it offers the best location, requires no new taxes, puts cash on the table immediately and provides for the future competitiveness of three revenue-generating facilities of statewide significance.

In the plan, Mayor Rybak and Council President Johnson outlined Minneapolis financial contribution to the capital and operating costs of a Peoples Stadium, which would be paid for by repurposing the taxes that currently fund the debt, operating and capital needs of the Minneapolis Convention Center. For a period of 30 years beginning in 2016, Minneapolis would contribute $6.5 million annually (inflated at 3% a year) to the operating and capital-maintenance costs of the Peoples Stadium, as well as a stream of revenues that would support $150 million of capital costs.

In the Minneapolis plan, the Peoples Stadium, as well as a revitalized Target Center, would be owned and operated publicly by a new Minnesota Stadium Authority.

Mayor Rybak and Council President Johnson added, While we are open to and engaged in continued discussions with the Vikings on the Linden Avenue site, we believe that Downtown East remains the best, lowest-cost option for a new Vikings stadium.

Contact: John Stiles

Communications Director

(612) 673-3665 office

(612) 581-1788 mobile

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