04-04-2025, 04:07 AM
Crazy. That whole deal worked like a charm with the pull tabs. Paid off what, 20 years early?
(This was from a 2023 article)
"This year's tax bill allowed for nearly $400 million in reserves to be used to pay the debt.
"That allowed for the state to pay off the construction bonds that were used for the construction of U.S. Bank Stadium," said Katie Topinka, intergovernmental relations director for the city of Minneapolis.
It was a combination of state dollars and contributions from the city of Minneapolis: $366 million in reserve funds, and $12 million for the general fund paid off the debt and remaining interest.
There are savings in the early payoff. According to the Minnesota Department of Management and Budget, retiring the debt saves taxpayers some $226 million in interest payments.
The new tax law also caps the city's share towards the upkeep of the stadium to 3% of the hospitality taxes, which means more savings over time for Minneapolis taxpayers.
"The initial savings on the construction bonds and that new change in the tax law, we estimate that the debt relief for Minneapolis taxpayers will be about $350 million between now and 2046," Topinka said.
Money from pull tabs helped pay off this debt. Now that money – $150 million a year – will flow into the state's general fund, where it can be used for a number of state projects."
(This was from a 2023 article)
"This year's tax bill allowed for nearly $400 million in reserves to be used to pay the debt.
"That allowed for the state to pay off the construction bonds that were used for the construction of U.S. Bank Stadium," said Katie Topinka, intergovernmental relations director for the city of Minneapolis.
It was a combination of state dollars and contributions from the city of Minneapolis: $366 million in reserve funds, and $12 million for the general fund paid off the debt and remaining interest.
There are savings in the early payoff. According to the Minnesota Department of Management and Budget, retiring the debt saves taxpayers some $226 million in interest payments.
The new tax law also caps the city's share towards the upkeep of the stadium to 3% of the hospitality taxes, which means more savings over time for Minneapolis taxpayers.
"The initial savings on the construction bonds and that new change in the tax law, we estimate that the debt relief for Minneapolis taxpayers will be about $350 million between now and 2046," Topinka said.
Money from pull tabs helped pay off this debt. Now that money – $150 million a year – will flow into the state's general fund, where it can be used for a number of state projects."
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