HKS Vikings stadium design
MINNEAPOLIS - The Minnesota Vikings say they'll raise their contribution to a new stadium to more than $500 million to make sure the project has everything they want.
Vice President Lester Bagley says the extra money is the only way to preserve the design and features in the new stadium, which will now cost more than $1 billion.
The original plan had the Vikings paying $477 million, compared to a public share of $498 million.
The news of the increased contribution comes as the team, the Minnesota Sports Facilities Authority, and Mortenson construction announce agreement on the stadium construction management plan.
The Construction Management Plan and GMP agreement includes:
- Schedule, price and other project details
- A maximum construction cost of $763 million, with overall project cost $975 million
- Partial ETFE roof and operable doors
- Substantial completion date of July, 2016
"Reaching this major milestone with Mortenson today is a significant move forward; signing this GMP means we can order steel on Monday and construction begins," said MSFA Chair Michele Kelm-Helgen. "The Vikings have provided the construction project with a $26.4 million letter of credit that allows the building to keep major design features intact so Minnesota will have one of the most iconic stadiums in the nation."
Many factors went into the determination of the final GMP including opportunities to realize additional cost savings as well as a need to manage increased construction prices reflected in higher than anticipated bids. While savings were identified in a number of areas, the Authority and the team were also able to redirect project budget for soft costs to construction costs. The Vikings provided additional financing in the form of a letter of credit worth $26.4 million, which included the team's previous contingency of $13.1 million, as well as an additional $13.3 million.
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