Got an email this evening from the Minnesota United FC team that they are making history. They are paying for the new soccer stadium completely without public financing. The announcement states that MN United will pay $100 million for the franchise license, $30 million for the land, and $120 million for actual stadium itself.
This is a huge deal, as no other major sports team in Minnesota has paid for its own stadium without a public subsidy. This is how it should be done folks. I couldn’t be happier with how they are approaching this. There is one caveat, they have asked for some tax breaks.
First, they want an exemption from sales tax on the building materials to construct the stadium. Personally, I don’t think this is a big deal since you can bet that many other companies have gotten this same tax break.
Second, they want exemption from property taxes on the stadium land. This is a no brainier, as every other professional team pays property taxes on their stadium property.
Finally, they want exemption from any future taxes that might be levied directly at them. This is a general safety net clause, and though some might fault them for trying to get something like this, I think it’s a fair ask.
I’m excited, and I hope that the tax breaks end up being a simple rubber stamp in the legislature. I’m looking forward to MLS soccer in MN in the near future!