MSFA: Vikings stadium still on schedule for summer 2016 opening
- Blog Post by: Janet Moore
- November 6, 2013 - 6:28 PM
Key details in the construction of the $975 million Vikings stadium were expected to be hammered out by Friday, but now that deadline has been pushed into next week, or perhaps later this month.
The Minnesota Sports Facilities Authority, the public body overseeing construction of stadium, has been working feverishly with the project's general contractor, Mortenson Construction, and the team to reach the "guaranteed maximum price" (GMP) for the project.
But several bids from subcontractors have come in higher than expected, and other costs have increased, causing the stakeholders to further ponder how to make the $737 million construction budget work, said Michele Kelm Helgen, MSFA chairwoman, on Wednesday.
"We are still working through the process, and it’s pretty complicated," Kelm-Helgen said. "We have to take into account a lot of different factors and we're trying to get everything pinned down as best as possible.
"I’m thinking we’ll be finished next week, it could be following week," she said.
She said the overall timeline for the stadium -- which is expected to open in July 2016 -- is still intact. A ceremonial groundbreaking is will likely take place later this month.
Once the authority reaches the guaranteed maxium price, the Vikings will finalize financing for their part of the project, which totals $477 million, and the state can sell $498 million in bonds for its contribution.
John Wood, senior vice president for Mortenson Construction, said Wednesday that delaying the meeting to confirm the guaranteed maximum price will have "no impact" on the stadium's overall schedule.
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