Building a new stadium on the site of the Metrodome would cost $870 million, according to a report presented today to the Dome’s landlords.

That compares to the most recent $954 million pricetag of a new stadium, primarily because of lower product and labor costs, according to Bill Lester, executive director of the Metropolitan Sports Facilities Commission (MSFC).

According to Mortenson Construction, the cost decreased by nine percent since February of 2009 – a savings of $84 million.

“What we’ve learned is that the time to do this is now,” commission chairman Roy Terwilliger said in a prepared statement.

The Vikings called the report "an important contribution" to the search for a new stadium, but the team declined to endorse it. "Given the MSFC's recent attempt to delay a stadium discussion for two years, we are moving forward with those leaders who want to resolve this issue in 2010," the team said in a written statement.

During a commission meeting (at which Minnesota Vikings officials were notable for their absence) a consulting firm called Convention Sports and Leisure International laid out four scenarios attempting to satisfy the team’s demands.

In addition to a wholly new stadium, the firm proposed rebuilding the existing stadium around a 13,000-seat portion of the Dome at a cost of $771 million.

Both stadiums, with a seating capacity of 65,000 compared to the Dome’s 63,500, would include a retractable roof.

While a new stadium would net the Vikings an additional $31.5 million in annual revenue, one that was rebuilt would net it $20 million a year, the firm estimated.

Those two options, dubbed “Metrodome Next” are superior — and less expensive — than simply renovating the Dome by adding costly club seats, suites and widening concourses, the firm concluded. That option would cost nearly $975 million, it said.

The Vikings’ lease expires after the 2011 season and team officials have been pushing long and hard for a new stadium because, they say, the team has the lowest revenues of any team in the NFL.

However, according to a recent Forbes magazine story, the team had a value of $835 million and revenues of $209 million last year. Before interest, taxes, depreciation and amortization, Forbes reported, the team also had $8.2 million in operating income.

According to the report issued today, “without a significant improvement to the facility, it is unlikely that the team would re-sign a long-term agreement with the Commission.”

A fourth option presented by the consultants today entailed doing nothing to the existing Dome. Team officials have recently been at loggerheads with the commission and have said they don’t endorse any of the scenarios.

The report, essentially an update of an analysis done two years ago by other consultants, is part of the commission’s effort to make the case to skeptical taxpayers that public investment in a new multipurpose facility to house the Vikings would pay big dividends in the end.

Terwilliger said the commission “has been working diligently with the Minnesota Vikings to develop a viable plan for a new multi-use facility at the Metrodome site that satisfies the diverse needs of the Vikings and the State of Minnesota.”

 The commission reported earlier this week that Minnesota’s professional sports teams have generated more than $450 million in tax revenues since 1961.

And although team owner Zygi Wilf met Tuesday with Gov. Tim Pawlenty, Pawlenty has said that while he doesn’t want to lose the Vikings, he doesn’t want to spend public money on a new stadium.

DFL legislative leaders also have balked at financing a new stadium at a time when the state is facing crushing budget deficits.