Report says extra sales tax in Ramsey County would raise enough to support Arden Hills stadium plan

If the Vikings stadium deal does get approved for Arden Hills, the proposed extra half-cent sales tax in Ramsey County would bring in enough money to pay for the county’s $350 million share of the cost.

That’s the word from a report analyzing the bond situation, says the Star Tribune.

The report from Springsted Inc. says the county could issue the sale-tax supported bonds and still keep its top bond rating.

County officials have proposed the sales tax, but it would need legislative approval. The Vikings say they’re on board for the Arden Hills site, which is the old Army ammunition plant. But there’s been little political will to make it happen so far, and there are competing proposals in Minneapolis.

The Vikings proposal may or may not return this year in a special legislative session.

Ramsey County Commissioner Tony Bennett told the paper that the report shows that the proposed sales tax would generate enough to pay the county’s share of the stadium: “It raises the money we thought. It does what we thought it would do,” he said.

There’s opposition to the Arden Hills plan, even among some county commissioners. And St. Paul Mayor Chris Coleman says a statewide two-cent drink tax would be a better funding mechanism than the narrow sales tax for Ramsey County.

Comments (2)

  1. Submitted by David Greene on 05/31/2011 - 04:27 pm.

    No mention that the report finds that the County could cover all of its $675 million obligation toward the stadium? That’s right folks, interest matters.

  2. Submitted by greg copeland on 06/01/2011 - 12:46 pm.

    $675 million in a new half cent sales tax… “no problem”, declares Ramsey County’s fiscal advisors to the big spenders on the County Commission doing the Viking’s bidding with our money to build a New Jersey Billionaire owner a new stadium.

    Springstead, the fiscal advisors, issues their report on the very day that the Minneapolis-St. Paul metro housing market is rated as the nations leader in home price declines by Standard & Poor’s/Case-Shiller index of 20 cities.

    Wake up folks, you too Springstead, the Twin Cities was the ONLY metro area to see a double digit drop in home prices since March 2010. We have problems in River City that a new stadium will not fix.

    When half the home sales in our metro area are from ‘distressed sales’, foreclosures and the like; this community needs leaders that will tell
    Zigy, what Governor Dayton and the local political hacks won’t: The People are in no position to pay any new taxes for a new Billion dollar stadium for this private franchise.

    The People must demand from the Legislature that a referendum vote be held to ensure those being asked to pay the higher sales tax can bring the politicans and their advisors back to fiscal reality.

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