Friday, October 21, 2011

Vikings to Arden Hills? XVIII -- Dollar Dome Dog Proposal

Did you ever get a Dome Dog at the Metrodome for $1? Thought that was a good deal? Try this:

There may be growing legislative support for one more Minnesota Vikings stadium idea: Selling the Metrodome to the team for $1.

Sen. John Marty, DFL-Roseville, and Rep. Linda Runbeck, R-Circle Pines, have scheduled a press conference for Friday to “present an alternative Minnesota Vikings football stadium plan.”

Although details were not known, Marty had recently told a reporter that he and Runbeck were considering a proposal to sell the Metrodome to Vikings owner Zygi Wilf for $1 and simply have Wilf remodel or build a new stadium on the downtown Minneapolis property. The Vikings have played at the Metrodome since 1982.

In a sensible world, this proposal might work. We don't live in a sensible world, however. Why won't it? Oh, let's see....
  • The assumption here is that Wilf would be willing to build his own stadium. As long as he knows someone else will build him a stadium, why would he? It's no coincidence that the NFL played the L.A. card earlier this week. While the league would prefer to move a different team to that market, they'll not hesitate if Wilf doesn't get what he wants.
  • So what does Wilf want? Among other things, Wilf wants the 20,000 or so parking spaces he can get in Arden Hills. Unless the city can sell him all the land around the Metrodome, and then build parking ramps that Wilf would control, he'd lose out on a revenue stream he can get elsewhere. The costs of those acquisitions would be a little more than $1, I'd imagine. The Star Tribune, which has been relentless in shilling for a new stadium at the Metrodome site, expects to get paid for the land they control in the area. I doubt they'll settle for $1.
  • Wilf is a real estate developer. If it wasn't abundantly clear before, it should be evident to everyone that the primary attraction to the Arden Hills property isn't the stadium itself; it's the potential to develop and build all manner of additional amenities nearby. Wilf wouldn't be able to do that at the Metrodome site, which is increasingly hemmed in with other developments. To use just one example, there's a line of townhome developments along Washington Avenue that didn't exist a decade ago. Those aren't going away.
  • If you are looking at matters from a Minneapolis perspective, an empty Dome is a big problem, especially given the huge sums that the city and its other partners have spent to build light rail stations near the site. They need a destination, but they see desolation instead. Worse, they see accountability for what is turning out to be a disastrous choice. The R.T. Rybaks and Met Councils of the world need Wilf to cooperate so they don't look foolish. Wilf couldn't care less about any of it.  

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