H.F. 2958 Summary

• Establishes Minnesota Sports Facilities Authority to construct, finance, and operate a new NFL stadium in Minneapolis with a roof; state funds limited to $348 million with city contributing up to $150 million and NFL team contributing at least $477 million.

• Authorizes up to $600 million in state appropriation bonds for stadium construction, payable only from annual legislative appropriations without pledge of state tax revenues or full faith and credit.

• Allocates Minneapolis local sales and lodging taxes to stadium funding: diverts revenues to general fund for state bond debt service (present value of $150 million through 2046), capital improvements, operating expenses, and repayment of state advances made 2016-2020.

• Authorizes new forms of lawful gambling including electronic pull-tab games, electronic linked bingo games on devices, and sports-themed tipboards to generate additional revenue; modifies tax rates on gambling activities.

• Requires NFL team to play home games at stadium for minimum 30-year lease term with specific performance and injunctive relief provisions; allows state to recapture percentage of team sale proceeds (25% for 10 years, declining thereafter).