Vikings to Plot of Land East of Metrodome XIV -- Finally, Clarity

A day after all hell breaks loose, now we have an idea of what the Republicans in the legislature are really proposing -- an end to the Kabuki:

House Majority Leader Matt Dean, R-Dellwood, said the new plan would use a more stable form of state financing – general obligation bonds – than the charitable gaming revenue Dayton wanted to use to fund the state’s $398 million stadium contribution.  He also added that using general obligation bonds meant the project would need a roof.

“We hope this is fruitful,” Dean said of the sudden talks at the state Capitol surrounding the new Republican stadium plan. “We’re trying to find a solution that the Legislature can agree to.

“If it’s not productive and it’s not helpful, then we can move on to other solutions to try to get done to get out” and adjourn this year’s legislative session.

What Dean and his colleagues are proposing, at long last, is honesty. General obligation bonds are issued by the state and the state promises to make good on the bonds using whatever means are needed, up to and including taxes. So yes, with this proposal, the state would be on the hook for the bonds. And yes, if the stadium were to be approved and built, taxes might go up.

The key is this: now the politicians have to admit it. The problem all along, which those of us who have been critical of the deal have been arguing consistently throughout, is that the proposed revenue streams were fanciful at best. Think about all the dodges that are involved in "charitable gaming" as a revenue stream:

• It assumed that Minnesotans would want to gamble more than they already do
• It meant relying on something that was totally unproven as a revenue source to back the bonds, which would have meant paying higher interest rates to the bondholders
• It was a scheme to get around the reality that one political party is utterly beholden to current gaming interests
• It was a scheme to get around the perception that the other political party automatically eschews all taxes all the time, which has never been the case

In short, the entire discussion, especially for the past few months, has been dishonest to the core. I have written over 50 times on this topic over the past year and I've said the same thing, over and over. The decision comes down to this -- do we, meaning the citizenry of Minnesota, value having the Vikings around enough to pay for a new stadium? It is the only question that really matters because all of us will, in one form or another, pay for the thing if it gets to the floor and is approved.

There was only one way to avoid having to pay for the stadium with tax revenue and that was to allow the White Earth Band to have a casino in the metro area, in a prime location that would be disadvantageous to the existing tribal casinos. Because one political party would never allow that, paying for the stadium with general obligation bonds is the only real recourse available. Racino has always relied on revenue projections that are dubious as well. If you were interested in gambling, why would you go to Canterbury anyway, when you'd only be a short distance away from Mystic Lake? Canterbury would have to spend millions to have a facility as nice as what's already available down the road. And let's be honest -- for most metro area residents, by the time you reach Running Aces, you're a good part of the way to Hinckley already.

Now, finally, we have a clear choice. Do we want a new stadium for the Vikings or not? And if you do, are you willing to pay for it? If you are, tell your legislator that you support it. If you don't think it's worth the cost, tell your legislator that.