May 11 (Bloomberg) -- The Minnesota Vikings have agreed to help fund a proposed $1 billion, retractable-roof stadium project in Ramsey County’s Arden Hills, the latest attempt by the National Football League team to get a new home after the Metrodome’s roof collapsed last season.
The Vikings would commit $407 million to the project, or about 39 percent of the total cost, the team said yesterday in a news release. The team didn’t say how the remainder of the stadium would be financed.
“Reaching an agreement with Ramsey County as our local partner is a major milestone in our efforts to finalize a long-term stadium solution,” Vikings owner Zygi Wilf said in the release.
While the team appreciates other proposals made by Minneapolis and Hennepin County, “We believe the Ramsey County site offers the most benefits to our fans, the team and the state and is the ideal site for a new stadium,” Wilf said.
The 260-acre site of the former Twin Cities Army Ammunitions Plant is about 10 miles (16 kilometers) from Minneapolis and St. Paul, the release said.
The Metropolitan Sports Facilities Commission, which owns the Metrodome, said in February it will spend about $18.1 million to replace the stadium’s damaged roof before the start of the 2011 football season.
The roof, which comprises 10 acres of Teflon-coated fiberglass, collapsed Dec. 12 under the weight of 17 inches (43 centimeters) of snow, forcing the Vikings to relocate their final two home games of the season.
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