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S.F. No. 2062, as introduced - 84th Legislative Session (2005 -2006) Page 8 of 9 13.12 interest to be tax- exempt to the greatest extent possible. 13.13 Sec. 8. [473J.07] [DEVELOPMENT AND FINANCING AGREEMENT.] 13.14 Subdivision 1. [AGREEMENT REQUIRED.] Prior to the issuance 13.15 of bonds under section 473J.06, the authority shall negotiate 13.16 and enter into an agreement with Anoka County, the city of 13.17 Blaine, and the Minnesota Vikings concerning the terms and 13.18 conditions under which the parties will make contributions of 13.19 funds, future revenues, interests in property for the site and 13.20 public infrastructure, the method of completing design and 13.21 construction, which may include the design build process, the 13.22 integration of the stadium and related infrastructure with 13.23 surrounding development, and other matters relating to the 13.24 stadium, its operation, maintenance, and financing. This 13.25 agreement shall, at a minimum, meet the requirements of this 13.26 section. 13.27 Subd. 2. [TOTAL PUBLIC INVESTMENT TOWARDS PROJECT 13.28 COSTS.] The total public investment, including Anoka County's 13.29 revenue contributions and revenues collected by the authority in 13.30 the stadium district shall not exceed two- thirds of the sports 13.31 facility's costs. 13.32 Subd. 3. [TEAM CONTRIBUTION.] The team must contribute no 13.33 less than one -third of the sports facility's costs. Team 13.34 contributions may include, but are not limited to, initial cash 13.35 contributions, guaranteed annual payments, and assignments of 13.36 naming rights and permanent seat licenses, but does not include 14.1 payments of operating and maintenance expenses for the stadium, 14.2 which must be made by the team. In addition to any other team 14.3 contribution, the team must assume and pay when due all cost 14.4 overruns for the stadium. 14.5 Sec. 9. [473J.08] [USE AGREEMENT.] 14.6 Subdivision 1. [REQUIREMENT.] Prior to the issuance of 14.7 bonds under section 473J.06, the authority must have entered 14.8 into an agreement with the Minnesota Vikings and the National 14.9 Football League meeting the requirements of this section. 14.10 Subd. 2. [AGREEMENT WITH MINNESOTA VIKINGS.] The authority 14.11 shall enter into a use agreement with the Minnesota Vikings 14.12 that, at a minimum, provides for the following: 14.13 (1) the Minnesota Vikings will use the stadium for all 14.14 scheduled home preseason, regular season, and postseason games 14.15 that the team is entitled to play at home for a term of not less 14.16 than 30 years; 14.17 (2) the agreement must include terms for default, 14.18 termination, and breach of agreement; and 14.19 (3) the agreement must require specific performance and 14.20 must not include escape clauses or buyout provisions. 14.21 Subd. 3. [AGREEMENT WITH NATIONAL FOOTBALL LEAGUE.] The 14.22 authority shall enter into an agreement with the National 14.23 Football League guaranteeing the continuance of the Minnesota 14.24 Vikings in the metropolitan area for the period of the 14.25 agreements referred to in subdivision 2, clause (1). 14.26 Sec. 10. [473J.09] [ANOKA COUNTY REVENUE SOURCES.] 14.27 Subdivision 1. [GENERAL.] Anoka County may utilize the 14.28 following revenue sources to make contributions to its share of 14.29 the total stadium project costs. 14.30 Subd. 2. [TAXING AUTHORITY.] To provide local government 14.31 revenues to finance the stadium under this act, Anoka County may: 14.32 (1) impose a ticket tax, a tax on restaurants, places of 14.33 amusement, alcoholic beverages or prepared food, or a tax on 14.34 lodging, or any of them; 14.35 (2) impose a tax on sports memorabilia as defined by the 14.36 authority that is sold within the stadium facilities; or 15.1 (3) impose a general sales and use tax on sales of goods 15.2 and services within its jurisdiction of not more than 0.75 15.3 percent. http: / /www. revisor. leg.state.mn.us /bin/bldbill.php ?bill= S2062.0 &session =1s84 12/6/2005