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MYTH VS. REALITY - ARDEN HILLS STADIUM SITE The Minnesota Vikings have been engaged in seeking a new stadium for nearly a decade. During that time, Minnesotans have expressed a desire to keep the team here, but a stadium solution has been elusive. In May, the Vikings announced a partnership with Ramsey County that would build a new state - of- the -art stadium on land once used by the military for the Twin Cities Army Ammunition Plant (TCAAP). This is a 430 -acre site located near two of the Twin Cities major freeways — Interstates 35W and 694. MYTH #1: The development and economic growth opportunities related to the stadium project will be short - lived. REALITY: • Stadium construction will take approximately three years and will provide 7,500 construction jobs. • The project will support a total of 13,000 full- and part -time jobs. • One of the advantages to the Arden Hills site is available space and opportunity for related development. The vision for the area includes a convention center /hotel complex and a corporate campus, in addition to the stadium. This additional development will provide construction jobs for many years. MYTH #2: Infrastructure costs are too high at the Arden Hills site. REALITY: • The Minnesota Department of Transportation has estimated road and highway infrastructure improvements would cost $131 million — but that figure includes a 30% "contingency" amount, meaning actual costs could be closer to $100 -110 million. • These infrastructure improvements would be similar to the improvements in the 1 -494 and Hwy. 77 area related to the Mall of America development. • Many of these improvements would need to take place regardless of the type of development that occurs at the TCAAP site. • These infrastructure improvements will benefit everyone who currently travels through the area, including cabin owners in Northern Minnesota, residents in the immediate area, and employers in the Northern Ramsey County communities. MYTH #3: Taxpayers will be required to pay for cost overruns at the site and the owners will benefit from selling after the stadium is built. REALITY: • The public is well - protected by this agreement. The Vikings will cover all cost overruns on stadium construction and a portion of any cost overruns on land acquisition and remediation. Prepared by Ramsey County ( Updated July 8, 2011