Minnesota prepares for Vikings stadium bond sale
ST. PAUL, Minn. (AP) — The state of Minnesota is preparing to issue bonds that will cover the public share of the new Vikings stadium.
Minnesota Management and Budget issued what's known as a "request for proposal" on Monday. It's a formal notice to financial institutions that want to help underwrite the $498 million taxpayer share of the $1 billion stadium. The budget office says the stadium bonds will be executed over a period of about two years.
Financial institutions have until Oct. 9 to submit proposals, and the state says more than one could be chosen. Firms are required to submit information about previous government underwriting and other details about their operations.
The Vikings organization is responsible for the other roughly $477 million of the new stadium. Groundbreaking is planned for November.
Copyright 2013 The Associated Press.