MSFA approves development and use agreements for new Vikings' stadium
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The development saga of the Minnesota Vikings' forthcoming $975 million stadium added a critical chapter on Thursday.
The Minnesota Sports Facilities Authority unanimously ratified the stadium's development and use agreements to move the 65,000-seat structure one step closer to being fully cleared for construction.
As part of the partnership agreement, the Vikings will be contractual obligated to remain in Minnesota for the next 30 years. Also included in the document, is a personal seat licensing fee layout that will extend to 75 percent of the stadium's seating. The average seat licensing cost is $2,500 (to be paid over the course of three years), with prices starting at $500 and going for as high as $10,000.
With the board's approval in place, the Vikings have until Nov. 2 to fully finalize their funding structure for the stadium. If that deadline is met, ground-breaking on the project could start at early as mid-November.
The Metrodome, the Vikings' current home, is in its final days. Once the Vikings close out the season, they will move over to University of Minnesota's TCF Bank Stadium for two seasons while their new stadium undergoes construction.