A state senator unveiled a plan to finance an on-campus Gophers-only football stadium Tuesday as Gov. Tim Pawlenty prepares to announce his funding proposal for professional sports stadiums next week.
Sen. Geoff Michel, R-Edina, wants the state to provide $56 million – or 25 percent of the project’s total – for the stadium. The University would contribute the remaining $166 million.
Michel plans to introduce the bill Thursday.
“I want to set up a financial framework to return football to campus,” Michel said.
With the Twins and Vikings hoping to leave the Metrodome, Michel said it is important to address the University’s needs.
Athletics Director Joel Maturi said the proposal is encouraging but that he has concerns about the University’s share.
“On the one hand, I’m glad people are willing to step forward,” he said. “On the other hand, are they making the mountain so high we’re not going to be able to get there?”
It will be difficult for the University to find the $166 million, University chief financial officer Richard Pfutzenreuter said. It has advocated providing $133 million.
“We’re going to take what (Michel) wants us to do seriously, and we’re going to start the internal discussion,” he said. “But I’m not optimistic that we can find that level of financing.”
Pfutzenreuter said he does not know where the University would find the additional dollars.
“I have absolutely no idea,” he said. “We haven’t figured out how to raise $133 million yet, so to try to all of a sudden raise $166 million, I’m clueless.”
Michel said he believes the University can garner the amount needed for his plan.
“I’m certain it’s a stretch, but I’ve been very impressed by the University’s ability to raise money for a variety of ventures,” he said. “I think there’s a passion for University sports they could tap into.”
State funding would kick in after the University finances 75 percent of the cost, Michel said.
The state would pay its portion with state bonds to be paid off at a cost of $5 million per year for 25 to 30 years, starting no sooner than 2007, Michel said. Under the University’s proposal, the state would pay approximately $7 million per year, University budget officer Brian Swanson said.
Minnesota Student Association President Eric Dyer was pleased with the proposal.
“I’m glad,” he said. “Finally someone’s looking out for us.”
But Dyer said he is concerned an increased University contribution could lead to higher student fees.
Michel said the bill has bipartisan support, and he thinks it has a good chance to pass through the Legislature.
Senate President James Metzen, DFL-South St. Paul, said he supports an on-campus stadium and plans to co-author the bill. James Metzen is brother of David Metzen, chairman of the University’s Board of Regents.
“(Michel) will have DFL support on this,” James Metzen said.
But the bill’s passage will most likely depend on support from the governor, who has yet to release his stadium visions.
Maturi said he does not know if Pawlenty’s proposal will include a stadium for the Gophers.