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Remodeling the Metrodome has been discussed and determined to be too costly considering that the end <br /> result would still be a stadium with physical constraints that would not meet the needs of either sport. <br /> It's clear the Vikings and Twins will not play in the Metrodome for much longer. The Sports <br /> • Facilities Commission has stated that they anticipate the Metrodome will likely no longer exist within 10 <br /> years. <br /> How much would the stadium cost? <br /> The cost of a new NFL fixed-roof domed stadium is approximately$645 million,using the Detroit <br /> • Lions Ford Field as a model. Stadiums are massive structures that are not cheap to build.That's why <br /> Anoka County has designed a facility that will incorporate many other non-football uses and year-round <br /> economic activity. <br /> How would the stadium be paid for? <br /> Governor Pawlenty has announced a stadium financing plan in which cost of the stadium would be <br /> shared equally among team owners,the State of Minnesota,and the host community.Anoka <br /> County/Blaine supports the Governor's financing plan. <br /> How would Anoka County/Blaine pay for its share of building a <br /> stadium? <br /> At current interest rates,Anoka County would need to generate approximately$15—$20 million per <br /> year over the life of the bonds for its 1/3 share of the cost ($215 million).The Anoka County/Blaine <br /> stadium proposal lists a menu of options for financing that local share,possibly including from among <br /> the following: <br /> Up to a 0.75% county-wide sales tax* <br /> • Up to a 5.00% county-wide food and beverage tax <br /> Lodging tax county-wide <br /> Stadium parking tax <br /> Ticket tax <br /> These sources of funding require state legislative approval. County-wide property taxes are not a part <br /> of the mix. <br /> Local sales taxes are commonly used by Minnesota communities to finance projects,including civic <br /> centers,arenas and convention centers.Approximately 1/3 of all state taxable sales are currently subject <br /> to a local option sales tax. At present, 14 Minnesota communities have a local option sales tax of either <br /> 1.0% or 0.5%,and 14 others have the authority for such a tax but have not yet implemented it. Several <br /> more communities are requesting the authority for a local option sales tax at the legislature this year. <br /> *Approximately$18 million would be collected from a county-wide 0.75%sales tax,of which it is assumed by state analysts <br /> approximately 75%would be collected from sales to people who live inside the county and 25%would be collected from people who live outside <br /> the county.So a 0.75%county-wide sales tax would collect an anticipated,$13.5 million from county residents,divided by 300,000 residents, <br /> equals an average of,$45 per person. But how much each person would actually payfor this tax depends on how much each person spends in a <br /> year on taxable items. <br /> Will my property taxes be increased? <br /> Not as a result of the stadium project. County-wide property taxes are not being considered as a <br /> funding source for the stadium project. <br /> • Page 2 <br /> Continuously updated version of this document available online at <br /> " 7211 rw <br /> www.AnokaCounty.us/stadium „ ►:�;� nripKn <br /> Wednesday,April 14,2004 <br /> COUNTY <br />