Minnesota Vikings Stadium: Ramsey County Taking One Last Shot?
by Christopher Gates on Feb 19, 2012 10:38 PM CST
in Minnesota Vikings Stadium
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PrintWith a deal between the state of Minnesota, the city of Minneapolis, and the Minnesota Vikings having tentatively been reached, if the folks from Ramsey County want to try to sneak in at the last minute. . .well, this is pretty much the last minute. And, according to Minnesota Public Radio, Ramsey County businessman Mike O'Connor intends to try to do just that on Monday.
We've acquired exclusive video of Mr. O'Connor delivering his stadium financing plan to the Capitol.
Well, you can't fault the guy for trying at this point, I guess.
Mr. O'Connor outlines the plan on his website, but the new plan does involve taxpayer funding (which, since this is Ramsey County, probably means it's dead on arrival anyway) in exchange for a portion of the ancillary development proceeds and a share of the marginal value of the franchise itself.
Again, I'm not sure how much of a shot this thing has, if any, but at least someone in Ramsey County is fighting for the Arden Hills location until the bitter end, it would appear.
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that was definitely an outline
On the good fellers website, in pretty much the most literal sense
by Lunchpail on Feb 19, 2012 11:31 PM CST via mobile reply actions
Brilliant
Finally we see some financials people can relate to. Their http://www.minnesotastadium.com website is an informative site which encourages users to see all of it.
The gambling revenue comment about how it is a cost center was sobering and has me all concerned whether the wagon the legislature is hitching on to is a good idea ( White Earth Tribe).
Studies show that for every $1 raised in revenue, gambling drains $3 in social costs.
I think it is smart to have this clear transparency so that the funds actually come back to benefit the public, instead of legislative smoke and mirrors (In my opinion, I feel Minneapolis is financially co-dependent on the Vikings staying at the dome. If the Vikings leave, it will expose the error of their financial mismanagement and numerous budgets hit hard. If the Vikings stay at the dome, it’s more of the same cover up with larger dollar amounts than ever before)
I can’t trust politicians. It appears that Arden Hills can be a better deal for the public in the long run. It will force Minneapolis to straighten out their books and Vikings fans get a true tailgating experience, or re-discover it and become the best in the country at it.
Vikings in 2012 will be a Wonder-ful year. Seriously!!
I also love the game of golf. My favorite golf GPS app is OptimalClub.
It is hands down the BEST golf aid you'll ever have for club distances
under current elevation and weather conditions. Stop guessing & score low!
by VikesFanSince1967 on Feb 20, 2012 8:59 AM CST reply actions
Since when is the state hitching to the White Earth casino?
Unless I missed something, they haven’t said anything about that being the state’s funding source yet.
Yeah, and if the state used the casino as their funding, would that ONLY be with a Minneapolis location?
I would assume if the state had the funding available the Vikes would say, let’s do this at Arden Hills and we all win. I’m not sure why Arden Hills group would have a problem w/ the casino.
White Horn Gold Pants
The white earth proposal has the appeal of it could be built anywhere
and promises a lot more cash to be returned back to the state. There’s a major gotcha…
These returns can basically cover any ‘losses’ (or dependent revenue streams to MSC) and still be able to net a surplus. This gives politicians a reason to smile and endorse it. ALL BECAUSE THERE IS SOME $$ IN IT FOR THEM.
Essentially it keeps the MSC hooked on the cash flow no matter where it is built. A politically happy solution even if the stadium is not in Minneapolis. White Earth idea floated is a way of saying Minneapolis can still benefits and profits… even if it is for the tune of $25-35 million year even if the Vikings are not playing there.
O’Connor’s plan will sever this tie to Minneapolis and put the $$ back as a greater return to the state. That is taking the bull by the horns and putting a stop to the $$ being pushed around in the form of political grease. More grease is not the solution.
I applaud O’Connor for standing up with a sensible real business plan that does not require a casino.
It is true that there is no decision on white earth being the ACTUAL funding source. Recent news has indicated some political endorsement is lined up for it. Could it be a case of decisionmakers deciding on things they dont fully understand and it’s time to hit the big red EASY button, regardless of the consequences it may have 20-30 years down the road.
Time for some more popcorn.
Vikings in 2012 will be a Wonder-ful year. Seriously!!
I also love the game of golf. My favorite golf GPS app is OptimalClub.
It is hands down the BEST golf aid you'll ever have for club distances
under current elevation and weather conditions. Stop guessing & score low!
by VikesFanSince1967 on Feb 20, 2012 11:09 AM CST up reply actions
By MSC...
I’m guessing you mean the MSFC (Metropolitan Sports Facilities Commission). If yes, it should be noted that the MSFC will only be involved if the stadium gets built on Dome site. If the new stadium is built in AH or on the other side of downtown it will be managed by another entity.
So the MSFC only has reason to endorse plans that put the stadium on the Dome site.
Also, recent news hasn’t shown any political endorsement for the casino beyond the folks introducing the bill (which isn’t hard to do). It is not clear that there is any major support for it from the Republican leadership or the Gov.
Um
Dont choke on your popcorn.
But neither this nor the White Earth casino is happening.
And this is not a real business plan. It’s assumed returns are comically high and the suggested options trading unrealistic.
Um
two big “ifs” If the stadium were to be built, which now seems 99% unlikely, in Arden Hills and b, if White Earth were accepted as part of the funding, which if there was a Miracle in Arden Hills, I can almost bet you 100% there would be no Casino anything by anyone being attached to it.
Gentlemen! You can't fight in here, this is a war room!
by VikesFaninNM on Feb 20, 2012 9:48 AM CST up reply actions
Sad to say,
That while the Arden Hills site would have been much better, any more attempts remind me of this Scene, with Minneapolis/State Legislature “shooting” it down.
I do wonder. All of a sudden, Minneapolis no longer has to pay as much and the State kicks in more to cover the budget shortfalls of Minneapolis, where as Arden Hills got this treatment by the same folks in the State. I’m sure many will respond it was because of the tax issue. Be it State or local, it is public funding and a tax issue.
Interesting
Gentlemen! You can't fight in here, this is a war room!
How do we know that it is a "tax issue" either way?
The details aren’t out yet. If they fund it with pulltabs or something else, then it’s not a “tax issue” for the state.
Highly doubt will be pull tabs
are going to be the only source, if they are even used. Sooner or later, taxes will come into play. DOn’t get me wrong, I’m not tooting the “No taxes, no public funding” horn like a few have been, but whether Minneapolis or Arden Hills, they will be in play.
Gentlemen! You can't fight in here, this is a war room!
by VikesFaninNM on Feb 20, 2012 9:46 AM CST up reply actions
I agree, but don't see that happening this session.
No new tax legislators control both houses. What solution that includes increased tax revenues in some form or another do you see in play during this session?
Nope
Which is why any deal is pretty much screwed, even Minneapolis. If something does pass at the last second, it will smell worse then dead fish in a dung pile. I dont know, something just dont seem right about the whole “agreement” thing right now. Granted, if it does pass, I’ll be happy just to keep the LA Vikings crowd quiet, but I think there would be some resentment for awhile. Who knows.
Gentlemen! You can't fight in here, this is a war room!
by VikesFaninNM on Feb 20, 2012 11:24 AM CST up reply actions
I think we can say with pretty strong confidence
That this has no shot. Zygi’s not giving up equity (especially when he has an agreement that doesn’t require it) and the hedge-fund like trading strategy is a joke.
Agreed
when I saw the stock trading in the plan, I had to wonder if that was O’Conner’s main plan….get someone to invest in a fund that is either owned or overseen by O’Conner…so O’Conner can get administrative fees from managing said fund. I have no knowledge of this Mike O’Conner, I am just cynical.
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