The Minnesota Vikings are a popular professional football team that has its home stadium in the Twin Cities. However, the team and community have come together to build the Vikings a new facility in which to play their NFL contests. The project, which was originally estimated to cost more than $1 billion, is going to cost more than projected and the Vikings Organization is footing the higher bill.
The Vikings were originally slated to pay $477 million toward the project but now it appears that they will be paying upwards of $630 million. The remainder of the building project’s costs is being covered by tax dollars in the amount of almost $500 million.
In addition to the new stadium, which is being built on the location of the Vikings old stadium, the Metrodome, the project includes many other building initiatives. The Minnesota Armory is getting renovated and a new hotel is opening near the new stadium site. The project also includes the building of a new park and in all the construction projects related to the undertaking have created many opportunities for growth in the region.
New commercial projects in the city like the stadium and others can bring new business and new growth to Minneapolis and the rest of the Twin Cities metropolitan area. Funding for such projects can come from a variety of sources, and as in this case a project’s costs may have to be adjusted as it nears its completion date. Some individuals who seek to develop commercial real estate in the area need to be aware of all of their options when it comes to building and funding a project. Additionally, steps may need to be taken to protect a business’s legal rights during the construction of commercial real estate.
Source: Centre Daily Times, “Vikings set to contribute more money toward new stadium,” Dec. 19, 2015