State seeks proposals for underwriting the stadium bond deal

State officials have issued a request for proposals for underwriting of the Vikings stadium bonds.

They’re looking for financial institutions to do the underwriting work on the proposed $498 million bond sale that will pay the public subsidy portion of the nearly $1 billion stadium.

When issued, the proceeds will pay “a portion of the costs of acquisition, construction, improving, and equipping the stadium project,” officials said.

The RFP (PDF) was posted to the Minnesota State Register and the Minnesota Management and Budget’s website.

Minnesota Management and Budget Commissioner Jim Schowalter said:

“Once the stadium financials are in place in accordance with M.S. 16A.502, in order to allow the State to proceed on a timely basis with its financing, we are putting together the State’s financing team and this notification is a step in that process. This does not commit the State to enter into any sort of financing.”

The state reserves the right to cancel the request, officials said.

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