U stadium gains ground

03/24/2005

Conrad Defiebre, Star Tribune
March 24, 2005

Minnesota taxpayers would kick in $7 million a year for 25 years toward a new 50,000-seat football stadium for the University of Minnesota under legislation approved Wednesday by a Senate committee.

The payments would begin in July 2007, beyond the state’s next two-year budget cycle—and only if the university secures financing from other sources for at least $141 million, or 60 percent of the $235 million project.

A large step toward that goal is expected to be announced today: an agreement with TCF Financial Corp. to be the stadium’s lead sponsor. TCF is expected to commit about $35 million for 25-year naming rights on the planned red-brick, open-air stadium near Williams Arena on the Minneapolis East Bank campus.

Sen. Geoff Michel, R-Edina, told the State and Local Government Operations Committee that an early state commitment to the stadium is vital to the university’s hopes of raising $75 million in corporate sponsorships and other contributions.

“We can’t wait,” he said. “They can’t do it without us. The state needs to step up and make its commitment in order to sustain the momentum the university has created.”

Michel’s bill later advanced to the Finance Committee on a lopsided voice vote, with only Republican Sens. Dick Day of Owatonna and Michelle Fischbach of Paynesville audibly opposed. A House companion bill is scheduled for a hearing on April 4.

Gov. Tim Pawlenty called the measure “a reasonable approach” that has “broad support in the Legislature.” He added: “It will be good for the ‘U’ and good for the state.”

If all goes according to plans, the opening kickoff in the new stadium will be in the fall of 2008. Michel’s bill would excuse the university from the final years of its Metrodome lease, which runs through 2011. Metrodome officials said they support shortening the lease because Gophers football provides little of the stadium’s operating funds.

University officials outlined a stadium financing plan Wednesday that involves long-term bonding for $160 million. State payments would defray $94 million of that, with $50-per-semester student fees and parking revenue covering the remaining $66 million.

Gophers athletic director Joel Maturi described the on-campus stadium as “the key to financial solvency in the future of the university athletic department.” Had the stadium been available last year, he added, it would have generated an additional $3.5 million for Gophers sports.

He said the stadium is planned to last 100 years. Seating could be expanded to 80,000 later, he said, although he did not say how that would be financed.

Michel said the stadium would be used not only for six or seven football games a year, but also by the Gophers marching band, for commencements and for intramural sports.

“It will be a place where the entire Gopher nation can get together on a Saturday afternoon,” he added.