Financial institutions vie to underwrite bonds for Vikings stadium construction

by Bryna Godar

Twenty-two financial institutions have responded to Minnesota Management and Budget's request for help underwriting the $498 million taxpayer share of the new Minnesota Vikings stadium, the Associated Press reported.

The list includes some of the nation's most prominent banks and financial institutions, including U.S. Bank, Wells Fargo Securities, Morgan Stanley and Goldman Sachs. A spokesman said Management and Budget will take a few weeks to select an underwriter and more than one firm could be chosen, the Associated Press reported. He said no firm date has been set for issuance of the bonds, which will be executed over a period of about two years.

The Vikings organization is responsible for the other roughly $477 million share of the new stadium that is planned to break ground in October.

Even before the construction begins, planners are raising concerns over whether the $975 million budget will cover the whole wish list, the Star Tribune reported. Aspects like a parking garage, skyway connection and pivoting glass doors are being reconsidered, the Star Tribune reported.

Intended to open in time for the 2016 season, the stadium is already in the running for the 2018 Super Bowl.