The Minnesota Vikings will soon pay off U.S. Bank Stadium thanks to a new tax bill signed by Minnesota Gov. Tim Walz earlier this week.
According to Rochelle Olson of the Star Tribune, the new bill will retire $377 million in outstanding bonds on the stadium by the end of June, saving taxpayers $226 million in interest.
The Vikings and other private entities paid about $620 million to build the stadium, which opened in 2016. The state of Minnesota and the city of Minneapolis committed about $500 million, according to the Star Tribune.
The new proposal will now wipe any debt off the stadium over 20 years early. The bonds on the stadium had an interest rate of 4.25% and were scheduled to be paid off in 2046.
“[The decision]great news and the latest chapter in a success story that has benefited Vikings fans, the City of Minneapolis and the State of Minnesota,” Vikings Vice President Lester Bagley said.”It is a significant accomplishment that the Vikings have been advocating for several years.”