savethevikesbill final 4-2-11
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The Peoples Stadium Bill
4-2-2011
Cory Merrifield
Founder/Fan Advocate
SavetheVikes.org
cory.merrifield@savethevikes.org
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Who is SavetheVikes.org?
A grassroots, nonpartisan group dedicated to securing the
Vikings a new home in Minnesota
Open to many forms of stadium solutions and financing
An advocate for keeping the Vikings in Minnesota
Not owned or operated by any company or political
organization
Founder Cory Merrifield created SavetheVikes.org to be
for the fans, by the fans
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Goal: Finance a multi purpose stadium to keep the
Vikings in Minnesota
Tax free
NO GENERAL FUNDS, NO TAX INCREASES
Create jobs - 25,000 jobs for Minnesotans
Fair to all parties involved:
Tax Payers
State of MN
Vikings
Fans
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FACT: 70% of the televisions inMinnesota are tuned to the Vikingson Sunday
In this day of zoned news, niche Websites and bowling alone, the Vikingsare as close to a statewide campfire
as we get.-Jay Weiner, MINNPOST
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Stadium Plan - Last year Metropolitan Sports
Facilities Commission (MSFC) commissioned HKS
architects and Mortenson Construction to develop a
stadium plan
Metrodome Next1plan was created
Total cost as of 2011: $920 Million2
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Why Doesnt Existing Metrodome Work?One of the oldest in the NFL at 30 years old
Major safety concerns
Narrow concoursesNo roof/unstable roof
Safe exit unlikely in emergency
Financially unsustainable
Without Vikings, Metrodome doesnt pay for itself
Due to old facilities, Vikings arent profitable without NFLsubsidies
Metrodome 16 public restrooms to accommodate 65,000people.
Target field 34 public restrooms to accommodate 42,000
people.
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The Dome is down, the lease is up and time is running
out
-Ted Mondale, MSFCChairman
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Multi Purpose Stadium for the Community: Metrodome is currently used for over 500 non-
NFL events spanning over 200 days each year In 2009, there were 330,900 people who
attended those 500+ events In 2009, The Metrodomes non-NFL events
generated $1,638,360 in revenue Metrodome has less than 20 public restrooms to
accommodate 65,000 people. Only six arewomens restrooms; compared to 17 mens roomsand 17 womens rooms at Target Field.
All Data This Slide Courtesy of MSFC
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Multi Purpose Stadium for the Community: Needs a Roof
Multi purpose stadium needs a roof to accommodate the more than500 annual community related events
No roof on the Stadium would prevent community events from
taking place over Minnesotas long winter months, in turnsignificantly reducing revenue for a large portion of the year
State benefits by having large sporting events at stadium (Able toaccommodate major events like The Super Bowl, NCAA Final FourTournament, etc)
Best solution is to partner Cost for retractable roof is split 3 ways between Vikings, Fan user fees
and Public/Racino
If Vikings think open air is better competitive advantage they cankeep roof open on game day
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Multi Purpose Stadium for the Community: Minnesotas Rec-Room
Metrodome is currently used for over 500 non-NFL events spanning over300 days each year
In 2009, there were 330,900 people who attended those 500+ events 1 million total annual visitors, over 40% of which are from outside the 7
county metro area
In 2009, The Metrodomes non-NFL events generated $1,638,360 inrevenue
The Peoples Stadium needs a roof for community events
All Data This Slide Courtesy of MSFC
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Rows at the Metrodome are so tightly compact that seating is
uncomfortable
The bathrooms (especially for women) were inadequate for the
demandThere were many scary moments when trying to get past others
to reach the aisle
-Brandi Loyd, Disabled Veteran
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JOBS!!
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"People have been out of work toolong. Let's put people back to work,We need a people's stadium
Surcharges on tickets and souvenirand food and beverages. not adollar from general funds."
"I propose a casino somewhere wherethe state would derive maximumfinancial benefit."
- Minnesota Governor, Mark Dayton
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Job Creation:
New Vikings stadium construction would create 8,000construction jobs and other trade jobs 17
Additional 5,400 jobs would be created as indirect result 17
3,400 more jobs would be needed for operations andupkeep of Metrodome Next after construction 18
Racino would create 500-1,000 new jobs at CanterburyPark ramping up over three years 19
Racino would create estimated 5,000-8,000 new agricultural jobs
across the State 20
Total jobs created across Minnesota as a result of newVikings stadium partnered with Racino is 22,300-25,800.
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+ =
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Short term Jobs
(projected) Job Origination
8,000 Construction jobs over 3 year period
5,400 Jobs created in MN as indirect result
Long term Jobs
(projected)
3,400 Permanent operational jobs for supporting stadium
1,000 Canterbury Park over 3 years from Racino
7,200 Agricultural and Horse farms
25,000 Total number of created jobs
Jobs Created as a Result of New Vikings Stadium:
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$50,000,000
The dollar amount in which the price for a new stadium increases every
year we delay building Metrodome Next
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The fans plan is as easy as 1-2-3
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Racino 1/3User Based Fan Fees
1/3
Minnesota Vikings
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Annual public contribution would be $28 million through
Racino - not through any imposed tax increases.
Vikings tax contribution to the State through player
income tax, corporate income tax and other misc.revenues is projected to be $32 million annually with
the new stadium. 3
State of Minnesota public contribution would be paid
back annually after the initial Racino contribution of$28 million was paid back. 4
$5 million annual profit to State of Minnesota
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Total cost of Metrodome Next Plan: $920
million
$300 million - Vikings contribution
NFL - $30 million 1 time contribution
Vikings/NFL combine for 35% contribution
Remaining $590 million split between user based
fan fees and Racino$25 million annual user based fan fee contribution
$28 million annual Racino contribution
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$590,000,000
Amount to be financed after
Vikings/NFL down payment of $330 Million
$20,000,000 Principle annual payment divided over 30 years
$25,000,000 Fan user based fan fees
$28,000,000 Annual Racino contribution
$53,000,000 Annual Payment for Multi Use Stadium
28 Number of years estimated to pay off stadium (Estimated)
Financial Breakdown
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Vikings Contribution:
Down Payment = $300 Million from Vikings
NFL Contribution =$30 Million
Vikings paying 1/3 on par with national average
The average public subsidy for an NFL stadium in the last 14
years is 60%
Realistic option considering Vikings finances
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Percentage paid by public for NFL Stadiums (5) Figures in Millions
Year Team Private $ Public $ Total Cost % of Public Payment
2011 Chiefs (Refurb) 125 263.4 388.4 68%
2010 Jets/Giants 1,600 0 1,600 0%
2009 Cowboys 750 440 1190 37%2008 Colts 100 619.6 719.6 87%
2006 Cardinals 145.4 310.3 455.7 69%
2003 Bears (Refurb) 200 387 587 66%
2003 Packers (Refurb) 126.1 169.1 295.2 58%
2002 Patriots 340 72 412 18%
2002 Lions 330 110 440 25%
2002 Texans 185 289 474 61%
2002 Seahawks 161 300.3 461.3 66%2001 Steelers 109.2 171.6 280.8 62%
2001 Broncos 111.8 289 400.8 73%
2000 Bengals 25 424.8 449.8 95%
1999 Titans 84.8 206.9 291.7 71%
1999 Browns 71 200 271 74%
1998 Ravens 22.4 203.6 226 91%
1998 Buccaneers 0 194 194 100.00%
1997 Redskins 180 70.5 250.5 29%Average Public Contribution: 60%
Contributions to NFL Stadiums (Source: CSL NFL Stadium Funding Summary)
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User Based Fees:
MN Lottery Vikings scratch offs (Pacing $4-5 million annual netprofit)6
Ticket surcharge of $15.50 beyond existing tax (Generates $10
million annually)7
Stadium Naming Rights: Worth $14 million annually; $10 millionto the State of MN, $4 million to the Vikings 8
Annual Vikings concessions sales are $7 million. Tax on concessionssold at Metrodome Next projected at $10 million. Append a 5%surcharge on all concessions sold at stadium which would generateadditional $500,000 annually above existing sales tax revenues 9
Personalized license plates approximately $500,000 direct tostadium annually (plus additional $300,000 for MNDOT per WIDOT Packers model)10
Data Sources: MN State Lottery, WI DOT, MSFC, CSL (all available upon request)
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Annual Figures
(In Millions) Option$10,000,000 Ticket Stadium Surcharge
$4,000,000 Vikings Scratch Offs
$10,000,000 Metrodome Next Naming Rights
$500,000 Vikings License plates
$500,000 Concessions mark-up
$25,000,000 Total user based annual contribution
User Based Fees:
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Public Financing Racino:
No use of State of Minnesota general funds
No citizen tax increases
$28 million in annual contributions Racino estimated to generate $125 million annually 11
All $28 million of annual Racino proceeds would be paid backannually with an $5 million surplus 4
Vikings estimated annual tax contribution is $32 million 3
Any annual public (Racino) fund contribution is repaid withinone year
Use Racino as collateral for bonding bill
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Total stadium cost 920,000,000
Vikings total portion 300,000,000
NFL total portion 30,000,000
Vikes/NFL portion broken up over 5 years 66,000,000 All Figures Actual
User Fee/Racino annual payment 53,000,000
Assumed APR 8%
Racino/User Fee Vikings/NFL
Down Payment 53,000,000 66,000,000
Time Principal Interest Rate Applied Interest Racino/UF's Vikings New amount
year 1 801,000,000 1.08 865,080,000.00 53,000,000 66,000,000 746,080,000.00
year 2 746,080,000 1.08 805,766,400.00 53,000,000 66,000,000 686,766,400.00year 3 686,766,400 1.08 741,707,712.00 53,000,000 66,000,000 622,707,712.00
year 4 622,707,712 1.08 672,524,328.96 53,000,000 66,000,000 553,524,328.96
year 5 553,524,329 1.08 597,806,275.28 53,000,000 0 544,806,275.28
year 6 544,806,275 1.08 588,390,777.30 53,000,000 0 535,390,777.30
year 7 535,390,777 1.08 578,222,039.48 53,000,000 0 525,222,039.48
year 8 525,222,039 1.08 567,239,802.64 53,000,000 0 514,239,802.64
year 9 514,239,803 1.08 555,378,986.85 53,000,000 0 502,378,986.85
year 10 502,378,987 1.08 542,569,305.80 53,000,000 0 489,569,305.80
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year 11 489,569,306 1.08 528,734,850.27 53,000,000 0 475,734,850.27
year 12 475,734,850 1.08 513,793,638.29 53,000,000 0 460,793,638.29
year 13 460,793,638 1.08 497,657,129.35 53,000,000 0 444,657,129.35
year 14 444,657,129 1.08 480,229,699.70 53,000,000 0 427,229,699.70
year 15 427,229,700 1.08 461,408,075.67 53,000,000 0 408,408,075.67
year 16 408,408,076 1.08 441,080,721.73 53,000,000 0 388,080,721.73
year 17 388,080,722 1.08 419,127,179.46 53,000,000 0 366,127,179.46
year 18 366,127,179 1.08 395,417,353.82 53,000,000 0 342,417,353.82
year 19 342,417,354 1.08 369,810,742.13 53,000,000 0 316,810,742.13
year 20 316,810,742 1.08 342,155,601.50 53,000,000 0 289,155,601.50
year 21 289,155,601 1.08 312,288,049.62 53,000,000 0 259,288,049.62
year 22 259,288,050 1.08 280,031,093.59 53,000,000 0 227,031,093.59
year 23 227,031,094 1.08 245,193,581.07 53,000,000 0 192,193,581.07
year 24 192,193,581 1.08 207,569,067.56 53,000,000 0 154,569,067.56
year 25 154,569,068 1.08 166,934,592.97 53,000,000 0 113,934,592.97
year 26 113,934,593 1.08 123,049,360.40 53,000,000 0 70,049,360.40
year 27 70,049,360 1.08 75,653,309.23 53,000,000 0 22,653,309.23
year 28 22,653,309 1.08 24,465,573.97 53,000,000 0 -28,534,426.03
year 29 -28,534,426 1.08 -30,817,180.11 53,000,000 0 -83,817,180.11
year 30 -83,817,180 1.08 -90,522,554.52 53,000,000 0 -143,522,554.52
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Other Revenue Sources:
Analysis of a new Vikings Stadium shows it would contribute$145 million annually to the Minnesota business community 12
Annual tax revenues during three year construction phase is
projected at $33,190,000 13 2010 Super Bowl in Miami generated over $300 million for
Florida in one week 14
New NFL stadiums have a precedence of hosting Super Bowl
Hosting NCAA Final Four generates close to $1 million 15
$30 Million in commerce for host business community
Hosting community events at the new stadium
This project has an estimated $1.4 Billion economic output forthe state of Minnesota 16
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Why Invest?
Major metropolitan community with a balance between sports and the arts
Encourage community and youth athletics Childhood obesity is at an all time high
Peripheral financial benefit for the business community
-Leaders like Doug Baker, Wheelock Whitney and US Bank CEO agree
-Will create a broader tax base that will increase revenues to the State of Minnesota
which can be reinvested back into the community
Precedence has shown during difficult economic times the Government has partnered withbusiness community to spur economic development and create jobs
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Legislative Resources:
Legislative history of the Minnesota Vikings:
http://www.leg.state.mn.us/lrl/issues/football.aspMetropolitan Sports Facilities Commission
www.msfc.com
SavetheVikes.org www.SavetheVikes.orgMinnesota Momentum www.MinnesotaMomentum.com
Conventions, Sports and Leisure www.cslintl.com
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Contact your Lawmakers asking them to
support the SavetheVikes.org Stadium Bill!
www.SavetheVikes.org/Huddle-up/
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APPENDIX
1. Metrodome Next plan is the stadium design commissioned by the MetropolitanSports Facilities Commission (MSFC) in coordination with the Minnesota Vikings.It was released to the public on December 17, 2009. The plan was designed
by Bryan Trubey of HKS Sports & Entertainment. HKS designed the DallasCowboys and Indianapolis Colts stadiums. A copy of this can be obtainedthrough contacting the MSFC or Cory Merrifield.
2. Cost of the stadium is $870 million dollars as of Spring 2010. The designerstated during the presentation on December 17, 2009 that the cost of the
stadium will increase by $50 million dollars by waiting until 2011 to beginconstruction. Cost estimation was performed by Mortenson Construction.
3. Estimated annual tax revenues as a direct result of the Minnesota Vikings is$32.2 million as outlined by Conventions, Sports and Leisure (CSL) analysisfrom their Economic Impact study. Specific breakdown of the Vikings annualtax contribution can be found on page 6 of this report.
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4. This figure of net annual profit to the State of Minnesota is formulated at $32million annual contribution from the Vikings, less the $25 million investmentfrom Racino which would leave a net surplus/profit of $8 million annually.
5. Source: CSL NFL Stadium Funding Summary report commissioned by the MSFC.Soft copy unavailable, hard copy available via Cory Merrifield upon request.
6. Figures made available from MN State Lottery Dept. for Vikings scratch game(Lottery #682). Vikings scratch game went into circulation on July 20, 2010.
Report ran on January 5, 2011. Average monthly contribution afteroperational expense and winner pay-out ranges between $350,000-$450,000 monthly profits. When multiplied by 12 months that creates $4-5million in annual contributions. Special exemption may need to be drafted forthis scratch off to redirect funds from the General Fund and the ConservationFund to be applied toward stadium debt. Soft and hard copy of the reportavailable upon request.
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APPENDIX
7. Adding a $15.50 ticket surcharge to 65,000 tickets sold for 10 games annually creates$10,075,000 to be put toward stadium fund. This will increase the cost of admission forthe average family of four by approximately 15%, which is reasonable. It is also
possible to scale the ticket surcharge by seating chart, meaning the better the seat, thehigher the surcharge.
Example: The ticket surcharge for $125 seats would $21, whereas the surcharge for$75 seats would be $10.
This could be done in the event there are concerns regarding putting the cost ofattendance out of reach for Joe and Jill America, who would like to bring Bobby andSally to a game.
8. Stadium naming rights for Metrodome Next are projected at $14 million annually. Thisanalysis was conducted by CSL in their December 17, 2009 report to Bill Lester and theMSFC titled Comparison of Potential Metrodome Development Scenarios. Web copy ofthis report is not available. Hard copy of this report is available via Cory Merrifieldupon request.
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9. Figures based on 2009 actual data acquired from the MSFC on concessions sales atVikings games only. 2010 concession data will be available February 2011. Concessiongross revenues as projected by the Comparison of Potential Metrodome Development
Scenarios for Metrodome Next are $10,190,000 with net revenues of $4,580,000. Byincluding a 5% surcharge added to the 6.875% sales tax concessions would have a 12%mark-up. The difference between the two would generate just over $500,000 annually.Soft copy of the MSFC 2009 actual data is available. Hard copy of the CSL report isavailable.
10. In 2001 WI DOT instituted a personalized Green Bay Packers License Plate Program.Since 2003, this program (after licensing and operating expenses) has generated an
average of $414,511 annually. The State of Wisconsin has a population of 5,654,774(36% between the ages of 18-65). The State of Minnesota has a population of 5,266,214(35% between the ages of 18-65). Given those facts it is reasonable to extrapolate thatwith a slight price increase over the WI DOT program MNDOT could generate $500,000annually to put toward stadium financing.
11. Figures courtesy of Racino Now, Canterbury Park CEO, Randy Sampson and former SenateMinority Leader, Dick Day. Figures were confirmed by the Dept. of Revenue.
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12. According to the CSL economic analysis report on Metrodome Next, the adjusted direct
consumer spending as a result of building a new stadium and keeping the Vikings in
Minnesota is $145,100,000 annually (See page 16 of report). The average Vikings fanwill spend $107 outside of the stadium before and after a Vikings game (See page 13 of
report). A significant portion of the direct spending originates from outside of the local
area (See page 15 of report).
13. According to the CSL economic analysis report on Metrodome Next, the direct tax revenue
to the State of Minnesota as a result of construction spending, employee income tax andrelated sales tax is $33,190,000 annually over the three-year construction period (See
page 4 of report). This is in addition to the Vikings direct tax revenue, not instead of.
14. Figures courtesy of the Sports Management Research Institute.
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15. Financials obtained from the MSFC regarding the 2009 NCAA Final Four event inMinneapolis, MN at the Metrodome.
16. According to page 4 of the CSL economic analysis report on Metrodome Next, the $734million of construction spending taking place in the State of Minnesota is estimated togenerate approximately $1.4 billion in total output during the construction period. Thislevel of economic activity is estimated to support 13,400 jobs with total personalearnings of approximately $577 million.
17. According to page 4 and 5 of the CSL economic analysis report on Metrodome Next, toprovide an additional understanding of the potential jobs impact during the constructionphase, an estimate of the number of on-site construction jobs that would be created bythe stadium reconstruction project was developed by representatives of MortensonConstruction. The estimate was prepared specifically for the proposed Metrodome Nextproject based on the firms previous experience with major stadium construction projects,including Target Field and TCF Bank Stadium. Mortenson estimates that approximately
8,000 trades people would be needed during the construction phase.
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18. According to page 5 of the CSL economic analysis report on Metrodome Next, the
ongoing operations of the stadium and the Vikings totals approximately $145 million
annually, which in turn generates approximately $275 million of total annual outputand $106 million in annual personal earnings and supports approximately 3,400 jobs.
Upwards of 90% of these impacts are estimated to be attributable to Vikings-related
activities, with the remainder resulting from other events and activities assumed to be
held at the stadium. Specifically, approximately $247 million of the $275 million in
annual output and 3,000 of the 3,400 jobs supported are estimated to result from
Vikings-related activities.
19. Source courtesy of Canterbury Park CEO, Randy Sampson and board member Carin
Offerman. Additional information can be found at www.RacinoNow.com
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APPENDIX
20. According to analysis and research from Racino Now the state of Pennsylvania hasadded over 44,000 jobs in the agricultural and equine industry. Excerpt from their site:
Pennsylvania's Secretary of Agriculture Russell C. Redding recently issued a report thatshows Racino legislation, passed in Pennsylvania in 2006 (Act 71), has created 44,000equine-related jobs and boosted the overall value of the equine industry in Pennsylvania by$3.4 billion over the past four years. Redding said, "Act 71 [has] encouraged investment innew farms, breeding stock, equipment, veterinary services and agricultural production,strengthening Pennsylvania's agricultural community."
PA has added six Racinos since 2006, creating 44,000 jobs. MN has 50+ horse farms
which are in dire need of hiring veterinarians, trainers, laborers and vendors for feed,transportation, etc. MN horse farms have been struggling due to the decrease inattendance at Canterbury Park which is a result of increases in casinos in MN.
Using a formula of 44,000 jobs divided by six Racinos (7,333 jobs per Racino) you cansafely forecast 5,000-8,000 jobs created across MN from the addition of one or twoRacinos.
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2,000,000 Vikings Fans in MNAre asking for your support!
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