Stadium Bond sale saves taxpayers millions

by Sam Darcy

A bond sale this week ensured Minnesota taxpayers will save $28.4 million over the next 20 years on the University’s new TCF Bank Stadium.

Stadium legislation passed earlier this year guaranteed the state would support $137.2 million of the University’s stadium debt.

But this week’s bond sale means the state’s portion of the stadium debt will be paid off in 22 years instead of 25. The interest rate, projected at 5.5 percent, dropped to 4.19 percent, freeing up millions for Minnesota taxpayers.

University Chief Financial Officer Richard Pfutzenreuter said he was pleased the state offered to help pay some of the debt and that taxpayers got the best deal.

“We were fortunate that the interest rates we got on the market were just great,” he said. “It was a good deal for the University, a good deal for the state. We timed it well.”

Pfutzenreuter credited everyone who worked to execute the timing and get the best deal.

TCF Bank stadium is scheduled to open in September 2009.