The 68,000-seat capacity venue will be the centre-point of a major new development which will include shops, offices, and homes and comes after team chiefs reached a deal with the Anoka County Board.
The stadium complex will be publicly owned by a stadium authority to be established by the Minnesota legislature. The Vikings will operate the stadium complex and sign a 30-year lease, with a no-escape clause.
The team will have an option to extend the lease for two 10-year periods beyond the initial term, while the Vikings will receive the revenue generated by the stadium and make an annual payment to the county. Details of that payment will be negotiated as part of the lease agreement. The stadium is projected to open in 2009 or 2010, depending on when the legislature acts on the proposal. The Vikings will honor any remaining lease obligations on the Metrodome, should the team move out early.
Vikings chairman and owner Zygi Wilf said: “This stadium will provide our fans with the exciting and memorable game-day experience they deserve and have been wanting for years.”
