Thursday, May 24, 2012

BREAKING: MSP City Council Approves Stadium

((HT: Star-Tribune/Roper))

The Minneapolis City Council voted 7-6 to approve a plan that would fund the facility using redirected sales taxes.

The vote is one of the last hurdles for the project, but the Council still has to ratify their decision during a regularly scheduled meeting Friday morning.

If the vote stays as is, the city will finance its portion of the stadium using a citywide sales tax, downtown restaurant and liquor taxes and a hotel tax. Those taxes work toward paying off the city convention center, but money can be transferred to the new Vikings stadium project when the debt is paid off by 2020.

More when we know more...

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