Stadium authority postpones vote on key agreements
- Blog Post by: Richard Meryhew
- September 26, 2013 - 5:14 PM
With final terms of important lease and development agreements on the new $975 million Vikings stadium project still being negotiated, the Minnesota Sports Facilities Authority has postponed its 9 a.m. Friday meeting at the Hubert H. Humphrey Metrodome.
The authority, the public board overseeing stadium construction, was expected to vote on the agreements Friday, but instead rescheduled the meeting for 5 p.m. Oct. 3.
Several Vikings officials who have been involved in the negotiations are in London this week to take in the team's Sunday game against the Pittsburgh Steelers.
Among the issues yet to be resolved are use and development agreements between the team and authority. Those agreements will dictate terms of the team's lease with the authority as well as determine how stadium revenue is divided. The development agreement also is expected to address the issue of personal seat license fees, or the one-time fee charged to season ticket-holders for the right to reserve the best seats. The team and authority must determine how many seats will be designated for licenses, and what those license fees will be.
The agreements must be approved before the Vikings can finalize terms of their financing for the project.
Groundbreaking on the stadium is expected to take place in early November. The team hopes to open the venue in time for the 2016 NFL season.
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