A bill to fund Vikings and St. Paul Saints stadiums with revenues from a proposed racino at Canterbury Park was introduced into to the House and Senate today.
Among the authors in the Senate is Vikings’ stadium champion Sen. Julie Rosen, R-Fairmont.
Linking racinos to stadium funding has long been discussed.
Gov. Mark Dayton, at a news conference today, wondered aloud about the viability of obtaining bond counsel approval for such a deal; generally speaking, gambling dollars aren’t considered reliable by bankers to pay down debt. A backup tax — from the state general fund — generally needs to be in place.
Said Dayton: “I have to talk to the investment bakers. My experience is they want secure revenue streams.”
Dayton said he wouldn’t rule out a racino proposal linked to stadiums, but he believes that revenues for a stadium should come from users of the stadium itself.
Meanwhile, Dayton said he has had no stadium-related meetings since his breakfast session with NFL Commissioner Roger Goodell on Tuesday. For now, he said, at the urging of Republican legislative leaders, the Vikings stadium matter is “on hold.”
Just get it done! The majority of the public is in favor of a racino. The state can then use the windfall wherever it needs to provide services, infrastructure, and plug holes. Personally, I like the idea of using some of the money to recruit new companies and jobs but the legislators in control seem to be in favor of “no new revenue”, can you believe that? An embarrassment to the state that just released new figures on increased unemployment- especially in construction.
Why won’t Governor Dayton agree to the use of the Vikings and visiting players’ income tax withholding to fund most of the state’s stadium contribution?
Nothing can be more “but for” revenues considering the NFL pays our players with national revenues (TV and licensed merchandise). $175 million of the Vikings total revenues came from the NFL last year. Our player salaries totaled $150 million… The NFL pays our players and $13 million worth of income tax withholding are generated which can fund at least $200 million of the state’s proposed $300 million stadium contribution.
Is the governor “no general fund stadium funding” mantra his way of breaking the Republican’s “no new taxes” pledge?
The memorabilia tax and the satellite tax in the stadium legislation are NOT stadium related… The player surtax on income probably isn’t legal and the private suite tax take over $600,000 from Zygi and the special lottery just takes from other lotteries.
Go with the player income tax withholdings and a sales tax TIF on the new stadium increased sales taxes. That solves the stadium contribution, the “hose” community contribution is another story.
Where’s my proof reader?