Gopher Football
Discussion on the bill was brief and mostly positive toward the bill. One of the bill’s sponsors Senator Geoff Michel made some opening comments then Athletic Director Joel Maturi and University CFO Richard Pfutzenreuter gave a presentation on the proposed stadium. They talked about the history of this stadium effort dating back to May of 2002, the rationale for the stadium at this point in time, the project components and their costs, the financing proposal and the timeline to have the stadium completed for the 2008 football season.
There were no surprises in the presentation. The only thing I hadn’t heard before was that the stadium would also be used for soccer. The state is being asked to fund 40% of the stadium’s $235 million cost. The total project cost was broken down as $17 million for the site (environmental cleanup, land purchase and demolition), $26.6 million for the stadium district (parking, roads, utilities and landscaping) and $191.4 million for the stadium structure itself.
The University would issue bonds after it has raised its 60% portion. The State would then pay the debt service on the bonds of about $7 million a year until the bonds are paid off in 25 years. Already approved student fees are estimated to pay $50 million of the cost. Game day parking revenues would fund $16 million of the cost. This would leave $75 million that would have to be raised through private fundraising and corporate sponsorships, of which at least $35 may have already been raised with the possible TCF Bank sponsorship.
Discussion from the Senate panel was business-like and supportive of the proposal with one major exception. Senator Dick Day expressed his concerns for the Vikings and Twins stadium efforts saying the pro teams’ needs are more urgent with the threat of them leaving town. There also were concerns about raising money with corporate naming rights. Maturi responded that there are already corporate names on so U of Minnesota buildings (Cargill and Carlson) and corporate naming rights have become common for newer college sports venues (Papa John’s Stadium, Wells Fargo Arena, etc.). It sounded like they were within hours of announcing a major corporate sponsor and Sen. Michel went on to predict there would be lots of smiles on the campus of the University tomorrow.
Senator Sharon Marko, another of the bill’s co-authors, responded to Sen. Day’s concerns and the committee chair (Senator Linda Higgins) reminded Day that neither a Twins or Vikings stadium bill is even being considered so far in this legislative session. Senator Jim Vickerman expressed long attachment to the Gophers and that even his rural out-state district there is widespread support for the Gophers, including this stadium effort.
Senator Yvonne Prettner Solon made an unexpected pitch for another $40 million from the state to build a new hockey area for the U of Minnesota Duluth. She suggested that the cost for this item could be added to this bill.
Also, the issue was raised about the termination of the Metrodome lease, which expires in 2011. A representative for the Metropolitan Sport Facilities Commission, which operates the Metrodome, responded to the question saying that they have no problem with the Gophers terminating the lease early and see no significant revenue impact on the Dome with the Gophers only playing five to six games there per year.
In the end, two amendments were added to the bill: one specifying that the steel used for the stadium be U.S. made and another saying that the student tickets for football games must be made affordable since they will already be paying a $50 per semester stadium fee, which was approved last year by the University Student Senate.
A couple of fans (including regulars at the Gopher Hole, one with a bird moniker and yours truly) and a U student made brief statements in support of the stadium. The committee then quickly passed the bill with a couple of dissenting votes sending it on to the Senate Finance Committee. All in all, it was a very positive step forward for this huge effort that still has a long way to go.