For decades, stadium naysayers in the Twin Cities didn't believe there was a way to build new homes for the Twins and Vikings without some major taxes that would hurt people living in Minneapolis or around the state.
But with the report this past week about the success of electronic pulltabs on the funding for U.S. Bank Stadium and the continued success of the .15 percent sales tax in Hennepin County for Target Field, there is no doubt that the city of Minneapolis and state of Minnesota can continue to show other states what a truly successful partnership looks like when it comes to stadium financing for professional sports.
Regarding U.S. Bank Stadium, charitable gambling revenue has been so robust in filling out its reserve account that the state projected it no longer needs to issue a $20 million corporate tax to fill that reserve.
The belief is that by 2023, the reserve could hold $193 million.
A report in the Star Tribune on Wednesday said that U.S. Bank Stadium could follow the same path as Target Field and pay off its loan debt nearly a decade early.
The Twins' Target Field could be completely paid for by 2027, 10 years earlier than expected, at a savings of $150 million. If U.S. Bank Stadium were to do the same, the savings would be closer to $300 million.
On top of that, another recent Star Tribune report showed that the state will be working with a budget surplus of some $1.5 billion for Gov.-elect Tim Walz over the next two years, meaning there's no reason the state should need to funnel the U.S. Bank Stadium money toward another project.
Bagley battled for deal
If there is one person who can claim to have seen the battle through at the Legislature for U.S. Bank Stadium, it is Lester Bagley, Vikings executive vice president for public affairs.