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Stadium Watch Blog
Tim Nelson

MMB response to Vikings stadium legal challenge

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Here is the  response from the Minnesota Department of Management and Budget  to the legal challenge to the financing of the new Vikings stadium.

From the Associated Press:

A state agency that was set to sell public bonds for the Minnesota Vikings stadium said in a legal filing Tuesday that a lawsuit holding up that $468 million effort is flawed.

Department of Minnesota Management and Budget lawyers pressed the state Supreme Court to dismiss the case. It was filed Friday, a few days before a scheduled bond sale was to occur. The lawyers argue the lawsuit has cast a "material cloud" in the minds of investors and needs to be resolved quickly.

"The existence of an unresolved lawsuit challenging the constitutionality a pending bond issue not only disrupts the timing of a bond sale and closing, but also creates an investment risk that translates to reduced market demand and higher interest costs for the state," lawyer Thomas Klosowski wrote in the brief.