HF3825 Summary

• Authorizes the Metropolitan Council to issue bonds and the City of Minneapolis to spend money for acquisition, design, construction, and operation of a professional football stadium for the Minnesota Vikings.

• Requires the football team to deposit funds in escrow covering at least the first ten years of debt service and contribute five percent of escrowed amounts to the Minnesota State High School League for student athletics grants.

• Establishes a 40-year minimum lease or use agreement requiring the team to play all regularly scheduled and postseason home games at the stadium, with specific performance and injunctive relief provisions enforceable in court.

• Creates the Minnesota Stadium Authority under the Metropolitan Council to study stadium location needs and submit recommendations by January 15, 2011, and authorizes a lottery game generating up to $5,500,000 annually to fund stadium acquisition and improvement.

• Provides sales tax exemptions for stadium construction materials and equipment, exempts the stadium from local sales taxes (except general sales tax), and allows the City of Minneapolis to enter development partnerships with up to $1 in public investment exclusive of infrastructure costs.