The Minnesota Department of Revenue has just put out the revenue estimates that the state is likely to use for calculating its potential contribution for a new Vikings stadium.
Of note -- this is for what is assumed to be an amended bill, and we may not see that amendment until a first committee meeting.
That said, there aren't any real surprises here.
The topline: The biggest share of money is presumed to come in from the sports memorabilia tax, at more than $15 million annually. A 5 percent tax on team salaries is the next, at about $8 million annually.
There are some other interesting details in here, like what the Vikings expect they'll be making from suites. The document also suggests that official merchandise from the Twins, the Wild, the Timberwolves, the Stars soccer franchise, World Wrestling Entertainment and even NASCAR would be dinged to help pay the mortgage on the Vikings new home.
This estimate doesn't include local tax revenue, which is expected to pay more or less a third of the deal. It also includes some unintended costs, like diverted lottery revenue. It also says the total cost is expected to range between $700 and $900 million.
Have a look for yourself:
I wonder how many construction jobs $700 million dollars would create if the money were to be used to purchase vacant housing, rehabilitate it, and make the properties available at low cost to those below some small multiple of the poverty line?
You could then "solve" part of the housing problem, the issues of vacant properties and create jobs all at once.
Oh, wait, this doesn't really benefit the richest 1% at all. I guess government shouldn't be involved then. Sorry.
[Okay, I'm feeling snarky today.]
I absolutely oppose ANY form of public money going towards this unless we pay for the whole thing as a loan with 300% interest. The team has more than enough money to build it themselves without issue.
There are more important things for our legislature to consider than taxes of any kind to support multi-millionaire owners and their multimillionaire "employees."
And what was the team share of contribution?????