The debt owed for building the U.S. Bank Stadium in Minneapolis, Minnesota was paid off 20 years earlier than expected. This was made possible after the 2023 tax bill allowed almost $400 million in reserves to be used to settle the debt.Reports say the 2023 tax bill allowed almost $400 million in reserves to be used to settle the debt owed for the construction of the U.S. Bank Stadium in the city of Minneapolis. As a result, the state of Minnesota was able to pay off the debt 20 years earlier than what was expected.
According to Chapman, the intergovernmental relations director for Minneapolis, Katie Topinka, states that the payment for the U.S. Bank Stadium construction was a combination of the reserve funds worth $366 million and the general fund and remaining interest worth $12 million.
In advantage, the Department of Management and Budget stated that Minnesota had accumulated savings due to the early payment of the U.S. Bank Stadium construction debt. This is because the taxpayers of the state were able to save around $226 million in interest payments.
U.S. Bank Stadium Construction Debt
However, an article in the MinnPost states that debt is still owed to the state of Minnesota for the U.S. Bank Stadium construction. The city of Minneapolis will continue to pay for the capital and operating cost of the stadium.
Nonetheless, Topinka guarantees that the state will refinance the debt at a 0% interest rate. In addition, there is a forgiveness of the prepayment of some funds that Minnesota have paid on behalf of Minneapolis which saves the city around $8.7 million per year.