The developer who granted an option to the Minnesota Vikings and the Metrodome's owner for a block next door to the stadium has asked to extend that option deadline to 2012.
Alatus Management asked the city of Minneapolis to allow an extension for the team or Metropolitan Sports Facilities Commission to use the option. The city sold the block and its underground parking ramp to Alatus last year but required a development of at least $13 million, which would pass to the team or commission if either exercised the option.
The option now expires at the end of 2009 for the Vikings and in March 2010 for the commission. Alatus is willing to pay the city $84,000 annually for forgone property taxes if it agrees to extend the option.
The Vikings and Alatus had no comment. City Finance Officer Patrick Born said Alatus told the city that the Vikings want the option flexibility.
The Vikings want to build a stadium on the Metrodome site, and owner Zygi Wilf has pursued development plans on nearby blocks, including several owned by the Star Tribune. Extending the deadline would give the team more time to pursue public backing for that stadium at the Legislature, and the larger development likely would generate more taxes for the city than what Alatus is obligated to develop.
The extension request is scheduled to be considered by a City Council committee on Tuesday. The block is bounded by S. 4th and 5th Streets and Chicago and Park Avenues.