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.