One-time tobacco tax money in the bank for new Vikings stadium

  • Article by: BAIRD HELGESON , Star Tribune
  • Updated: August 21, 2013 - 12:00 AM

The one-time tax imposed on tobacco inventories raised $30 million, more than enough to cover the state’s first bond payments on the Vikings’ $975 million new home.

hide

This handout released by the Minnesota Sports Facilities Authority and the Minnesota Vikings shows the new Vikings stadium in this rendering done by HKS Sports and Entertainment Group.

 

The state has secured the money to pay the first year’s debt on the new Minnesota Vikings stadium.

A one-time tax on tobacco inventory brought in $30 million, more than enough to cover the state’s first bond payments on the $975 million new ­stadium.

The Minnesota Department of Revenue reports that the money will be available in September, months before state-backed bonds are set to be sold to pay for the project.

“We are certainly pleased that the steps that the Legislature and the governor took to provide backup sources for funding for the state’s share of stadium costs are coming in as expected,” said Bob Hume, a Dayton spokesman.

The stadium project has been dogged by funding problems since the initial revenue source — money from new electronic pulltabs and bingo games — fell profoundly short of estimates and has shown no sign of rebounding.

Dayton and legislative leaders scrambled to find alternate funding streams earlier this year that were politically viable and that did not pull taxpayer dollars directly from the general budget.

State leaders turned to the one-time tobacco inventory tax to make the first bond payment. Revenue Commissioner Myron Frans said it is the only cigarette money going toward the stadium debt.

Budget officials dedicated $26.5 million in tobacco money toward the stadium bond payments, which are expected to be about $20 million in the first year and about $33.5 million annually in subsequent years.

Those payments could change slightly once the February forecast is known and after state officials lock in an interest rate when they sell the stadium bonds this fall, Frans said.

The remaining $3.5 million in tobacco tax collected this year will go into the state’s ­general fund.

Team owners and state ­officials expect to break ground on the new stadium in October.

Aside from the funding problems, the Minnesota Sports Facilities Authority has delayed signing crucial contracts with the team until an independent audit is conducted on the finances of Vikings owners Zygi and Mark Wilf.

The Wilfs face a multimillion- dollar judgment from their dealings in a 20-year-old New Jersey development.

Team owners say the judgment will not affect their ­ability to make payments on the new stadium.

 

Baird Helgeson • 651-925-5044

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Toronto - LP: D. Hutchison 2 FINAL
NY Yankees - WP: M. Tanaka 5
Washington - WP: S. Strasburg 2 FINAL
Miami - LP: N. Eovaldi 1
NY Mets - WP: J. deGrom 10 FINAL
Atlanta - LP: E. Santana 2
Boston - WP: J. Kelly 3 FINAL
Baltimore - LP: M. Gonzalez 2
Milwaukee - LP: W. Peralta 0 FINAL
Pittsburgh - WP: V. Worley 1
Chicago WSox - WP: J. Danks 10 FINAL
Tampa Bay - LP: N. Karns 5
Cleveland - WP: C. Kluber 7 FINAL
Minnesota - LP: A. Swarzak 2
Detroit - LP: R. Porcello 2 FINAL
Kansas City - WP: J. Guthrie 5
Seattle - LP: H. Iwakuma 3 FINAL
Houston - WP: C. McHugh 8
Los Angeles - WP: C. Perez 8 FINAL
Chicago Cubs - LP: J. Turner 5
Texas 2 Bottom 9th Inning
LA Angels 1
Philadelphia 6 Bottom 7th Inning
Oakland 6
San Francisco 2 Bottom 7th Inning
San Diego 5
Arizona 2 Top 9th Inning
Colorado 8
Cincinnati - A. Simon 7:05 PM
St. Louis - L. Lynn
San Diego 22 FINAL
Buffalo 10
Dallas 34 FINAL
St. Louis 31
Washington 34 FINAL
Philadelphia 37
Houston 17 FINAL
NY Giants 30
Minnesota 9 FINAL
New Orleans 20
Tennessee 7 FINAL
Cincinnati 33
Baltimore 23 FINAL
Cleveland 21
Green Bay 7 FINAL
Detroit 19
Indianapolis 44 FINAL
Jacksonville 17
Oakland 9 FINAL
New England 16
San Francisco 14 4th Qtr 4:44
Arizona 20
Denver 5 4th Qtr 13:07
Seattle 17
Kansas City 21 4th Qtr 11:20
Miami 15
Pittsburgh 7:30 PM
Carolina
Chicago 9/22/14 7:30 PM
NY Jets
NY Giants 9/25/14 7:25 PM
Washington
Columbus 4 FINAL
Carolina 3
Buffalo 0 3rd Prd
Washington 1
St. Louis 0 1st Prd 12:25
Columbus 1
Calgary 7:00 PM
Edmonton
Edmonton 7:00 PM
Calgary
Old Dominion 45 FINAL
Rice 42
Troy 0 FINAL
(12) Georgia 66
Georgia Tech 27 FINAL
Virginia Tech 24
Eastern Mich 14 FINAL
(9) Michigan State 73
Iowa 24 FINAL
Pittsburgh 20
Bowling Green 17 FINAL
(19) Wisconsin 68
Maryland 34 FINAL
Syracuse 20
Tulane 13 FINAL
Duke 47
Hawaii 12 FINAL
Colorado 21
Marshall 48 FINAL
Akron 17
North Carolina 41 FINAL
(23) East Carolina 70
Army 21 FINAL
Wake Forest 24
Virginia 33 FINAL
(20) BYU 41
(6) Texas A&M 58 FINAL
SMU 6
Rutgers 31 FINAL
Navy 24
Central Mich 10 FINAL
Kansas 24
Utah 26 FINAL
Michigan 10
Florida 21 FINAL
(3) Alabama 42
Louisville 34 FINAL
FIU 3
Fla Atlantic 19 FINAL
Wyoming 20
Indiana 31 FINAL
Missouri 27
San Jose St 7 FINAL
Minnesota 24
Texas State 35 FINAL
Illinois 42
Massachusetts 7 FINAL
Penn State 48
Georgia State 14 FINAL
Washington 45
Appalachian St 20 FINAL
Southern Miss 21
(14) Miss State 34 FINAL
(17) LSU 29
Northern Ill 14 FINAL
Arkansas 52
Middle Tennessee 17 FINAL
Memphis 36
Utah State 14 FINAL
Arkansas State 21
Miami-Ohio 24 FINAL
Cincinnati 31
Idaho 24 FINAL
Ohio U 36
Ball State 23 FINAL
Toledo 34
(13) So Carolina 48 FINAL
Vanderbilt 34
(4) Oklahoma 45 FINAL
West Virginia 33
Ga Southern 28 FINAL
South Alabama 6
UNLV 14 FINAL
Houston 47
Miami-Florida 31 FINAL
(21) Nebraska 41
New Mexico 38 FINAL
New Mexico St 35
Clemson 17 FINAL
(1) Florida State 23
California 45 FINAL
Arizona 49
San Diego St 7 FINAL
Oregon State 28
(2) Oregon 38 FINAL
Washington St 31
Louisiana 9 FINAL
Boise State 34
Texas Tech 9/25/14 6:30 PM
(24) Oklahoma State
Appalachian St 9/25/14 6:30 PM
Ga Southern
(11) UCLA 9/25/14 9:00 PM
(15) Arizona State
Middle Tennessee 9/26/14 7:00 PM
Old Dominion
Fresno State 9/26/14 7:00 PM
New Mexico
Texas-El Paso 9/27/14 11:00 AM
(25) Kansas State
Tennessee 9/27/14 11:00 AM
(12) Georgia
Vanderbilt 9/27/14 11:00 AM
Kentucky
Wyoming 9/27/14 11:00 AM
(9) Michigan State
Northwestern 9/27/14 11:00 AM
Penn State
TCU 9/27/14 11:00 AM
SMU
Iowa 9/27/14 11:00 AM
Purdue
Tulane 9/27/14 11:00 AM
Rutgers
So Florida 9/27/14 11:00 AM
(19) Wisconsin
Colorado State 9/27/14 11:30 AM
Boston College
Western Mich 9/27/14 11:30 AM
Virginia Tech
Maryland 9/27/14 12:30 PM
Indiana
Akron 9/27/14 12:30 PM
Pittsburgh
Bowling Green 9/27/14 2:00 PM
Massachusetts
Arkansas 9/27/14 2:30 PM
(6) Texas A&M
Kent State 9/27/14 2:30 PM
Virginia
Western Ky 9/27/14 2:30 PM
Navy
Minnesota 9/27/14 2:30 PM
Michigan
Wake Forest 9/27/14 2:30 PM
Louisville
FIU 9/27/14 2:30 PM
UAB
(1) Florida State 9/27/14 2:30 PM
NC State
Miami-Ohio 9/27/14 2:30 PM
Buffalo
Colorado 9/27/14 3:00 PM
California
Louisiana Tech 9/27/14 3:00 PM
(5) Auburn
Texas 9/27/14 3:00 PM
Kansas
Temple 9/27/14 3:00 PM
Connecticut
(16) Stanford 9/27/14 3:15 PM
Washington
TX-San Antonio 9/27/14 4:00 PM
Fla Atlantic
South Alabama 9/27/14 4:00 PM
Idaho
Cincinnati 9/27/14 5:00 PM
(22) Ohio State
Rice 9/27/14 6:00 PM
Southern Miss
Missouri 9/27/14 6:00 PM
(13) So Carolina
Boise State 9/27/14 6:00 PM
Air Force
North Carolina 9/27/14 6:00 PM
Clemson
Central Mich 9/27/14 6:00 PM
Toledo
Troy 9/27/14 6:00 PM
ULM
New Mexico St 9/27/14 6:30 PM
(17) LSU
Memphis 9/27/14 6:30 PM
(10) Ole Miss
Duke 9/27/14 6:30 PM
Miami-Florida
Texas State 9/27/14 7:00 PM
Tulsa
Washington St 9/27/14 7:00 PM
Utah
(8) Notre Dame 9/27/14 7:00 PM
Syracuse
(7) Baylor 9/27/14 7:00 PM
Iowa State
UNLV 9/27/14 7:00 PM
San Diego St
Illinois 9/27/14 8:00 PM
(21) Nebraska
Oregon State 9/27/14 9:30 PM
(18) USC
Nevada 9/27/14 9:30 PM
San Jose St
Chivas USA 0 FINAL
Toronto FC 3
Toronto 40 FINAL
Brt Columbia 23
Edmonton 23 FINAL
Hamilton 25
Calgary 15 FINAL
Montreal 31
Ottawa 29 2:40
Saskatchewan 24
Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

Date/Opponent Time W L Score
2014 preseason     
Aug 8 - vs. Oakland 7 pmX10-6
Aug 16 - vs. Arizona 7:30 pmX30-28
Aug 23 - at Kansas City 7 pmX30-12
Aug 28 - at Tennessee 7 pmX19-3
2014 regular season     
Sep 7 - at St. Louis NoonX34-6
Sep 14 - vs. New England NoonX30-7
Sep 21 - at New Orleans Noon
Sep 28 - vs. Atlanta 3:25 pm
Oct 2 - at Green Bay 7:25 pm
Oct 12 - vs. Detroit Noon
Oct 19 - at. Buffalo Noon
Oct 26 - at Tampa Bay Noon
Nov 2 - vs. Washington Noon
Nov 9 - Bye
Nov 16 - at Chicago Noon
Nov. 23 - vs. Green Bay Noon
Nov. 30 - vs. Carolina Noon
Dec 7 - vs. NY Jets Noon
Dec 14 - at Detroit Noon
Dec 21 - at Miami Noon
Dec 28 - vs. Chicago Noon

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: Grade the Vikings offense

Weekly Question

ADVERTISEMENT

 
Close