St. Paul, MN (NNCNOW.com) --- With recent revenue models projecting a lower than expected income from electronic pull tabs for the new Vikings Stadium, state lawmakers are coming up with new plans to fund construction.
A bill introduced today to the Taxes Committee would impose a tax on sports memorabilia and expand the sales tax to include suite and box seat rentals. The bill authored by Democratic Representative Ann Lenczewski would take effect on all sales of memorabilia and box seats after June 30th, 2013, if passed.
One Republican bill would cut the state's share in construction costs by $200 million. If passed, the state would then pay only $148 million dollars instead of the original $348 million that was initially agreed to.
The proposed bill goes on to say that the Minnesota Stadium Authority would have to modify design and construction plans to adjust for the reduction in the state's share of the funding, if passed.
Another Republican bill authored by Rep. Steve Drazkowski and Rep. Mary Franson says:
"No bonds shall be sold, and no construction may begin, on a new football stadium until the commissioner of management and budget has certified that sufficient revenues from all sources allowed in law are available to meet annual bond repayment schedules for the entire projected course of state expenditures for the stadium."
One other Republican bill would prohibit the sale of stadium appropriation bonds that would exceed the state's ability to repay them.
Senator Sean Nienow (R-Cambridge) has asked for a hearing to investigate why revenue projections for electronic pull tabs were dramatically higher than what the state is actually seeing in order to fund the Vikings Stadium.
Posted to the web by Krista Burns