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Viking Stadium Financing Gets More Dubious By the Day

Category: Vikings Stadium
Posted: 02/08/13 18:30

by Dave Mindeman

Revenues from pull tabs for the Vikings Stadium continue to disappoint. But with each inquiry about the problem, we get the same answer - Don't panic.

There is always one more word as well - yet. Don't panic yet. Which seems to indicate that some panic is in the offing down the road.

Former Rep. Morrie Lanning, who was the architect of the stadium bill....and who incidently retired from the legislature after the session, is among the "don't panic" crowd.

But he offers little reassurance as to when improvement may happen outside of the murky "be patient"....and this:

I am still reasonably confident that we?re going to be able to generate the revenues that we need. And remember we?ve got back-up revenue sources, too. If we have to, those will have to kick into effect.

When asked about the fact that the "back-up resources" are not capable of more than a few million per year, Lanning confessed:

I had wanted additional back-up. In fact, if you go back and look at some of the earlier versions [of the bill] we had other back-up revenues that we thought would have been good to keep in there. Unfortunately, with all of the trade-offs you had to go through along the way, with getting the bill passed, we lost some of those, and it?s unfortunate.

This is very dubious financing. Everything is watered down with few guarantees about its viability.

The urgency of pleasing the Zygi outweighed prudent fiscal policy on this project.

"Let's be patient" is not an encouraging answer.
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