Vote Smart's Synopsis:

Vote to pass a bill that authorizes the construction of a new football stadium and establishes the Minnesota Stadium Authority to oversee the construction and operation of the stadium.

Highlights:

• Establishes the Minnesota Stadium Authority as a 5 member public body, and a political subdivision of the state, which possesses the authority to develop, construct, own, and operate a new stadium, the stadium infrastructure and related facilities (Art. 1, Secs. 10, 12, 13, 15, 17).

• Requires that at least 25 percent of materials and equipment used in the construction of the stadium be made or produced by Minnesota businesses (Art. 1, Sec. 13).

• Specifies the maximum shares of the stadium cost as (Article 1, Secs. 13, 15, 17):
• $293 million from the state, which may be reduced based on revenue from the sale of naming rights;
• $150 million from the city of Minneapolis, which may be reduced based on revenue from the sale of naming rights; and
• $532 million from the Vikings and it's private contributors.

• Authorizes the commissioner of management and budget to issue appropriation bonds to assist in financing the state's portion of the stadium (Art. 2, Sec. 1).

• Requires the construction or program manager to specify a price and completion date for construction to the Minnesota Stadium Authority and post a performance bond of at least 100 percent of the certified price to cover any excess costs which may be incurred (Art. 1, Sec. 13).

• Prohibits the Minnesota Stadium Authority from transferring or selling the title to the stadium without the enactment of legislation approving such a sale (Art. 1, Sec. 12).

• Authorizes the commissioner of management and budget to direct gambling revenues to stadium funding (Art. 4, Sec. 12).

• Expands the definition of “gambling product” to include electronic bingo and electronic pull tab devices (Art 4, Sec. 1).

• Appropriates $1.22 million from the lawful gambling regulation account to the Gambling Control Board account to regulate electronic gaming in fiscal year 2013 (Art. 4, Sec. 65).

• Appropriates 0.5 percent of revenue raised from taxes on lawful gambling to the commissioner of human services to be used for a compulsive gambling treatment program (Art. 4, Sec. 5).

• Requires the design, development and construction of the stadium to be a collaborative process between the Minnesota Stadium Authority and the Vikings (Art. 1, Sec. 13).

• Require the Vikings to pay $8.5 million each year in operating costs, increased each year by a 3 percent annual inflation rate, effective in 2016, or another date agreed upon by the Vikings and the Minnesota Stadium Authority (Art. 1, Sec. 17).

• Requires the Minnesota Stadium Authority and the Vikings to enter into a 40 year lease of the stadium and a guarantee that the Vikings will play all preseason, regular season, and post season home games at the stadium (Art. 1, Sec. 18).

• Prohibits the state from placing property taxes on the stadium (Art. 1, Sec. 20).

Full Bill Text