U.S. Bank Stadium reserves are robust enough to pay off building 20 years early

Minnesota Vikings support early payoff of the $1.1 billion stadium

Dec 08, 20220

Renée Jones Schneider, Star Tribune count

Nicole Powers mopped the floors at the 50-yard line seats on Wednesday at U.S. Bank Stadium in Minneapolis. She was part of a crew deep-cleaning the stadium after Sunday's Vikings game.

The U.S. Bank Stadium reserve fund has swelled so much that the state could pay off the bonds for the six-year-old building in the spring - 20 years ahead of schedule.

The reserve fund will hit $368 million by the end of June, according to this week's projections from Minnesota Management and Budget (MMB). The cost to pay off the debt entirely in June is an estimated $377 million, meaning the state could be debt-free on the $1.1 billion building by mid-2023.

"There's no question there's a benefit to refinancing or paying off those bonds, and if we're not going to do it with a surplus of this size, we're never going to do it," incoming DFL Assistant Senate Majority Leader Nick Frentz of North Mankato said Wednesday.

https://www.startribune.com/u-s-bank-stadium-reserves-are-robust-enough-to-pay-off-building-20-years-early/600233912/