OverviewofStadiumDevelopmentandOperatingTerms MinneapolisDowntownEastSite 3/01/2012

Theintentofthisdocumentistoprovideanoutlineoftermsagreedtobytheundersignedsetforthhereinforthestructuringofapublic/privateagreement relatedtothedesign,development,constructionandoperationofafirstclassPeoplesStadium(Stadium)intheStateofMinnesota.Thetermssetforth hereinhavebeendevelopedtoprovideaframeworkforatransactionthatprotectsthepublicsinterestandinvestmentinsuchaprojectwhileprovidingthe NationalFootballLeaguesMinnesotaVikings(Vikings)withasuitablelongtermhome.

Purpose:
Toprovideasetofguidingprinciplesrelatedtothedesign,development,constructionandoperationofanewStadiumintheStateofMinnesotathatcanbeused forabroadrangeofcommunity,civic,sportingandentertainmentevents.TheStadiumshouldbedesignedtomaximizethebreadthanddepthofeventsthatthe Stadiumcanreasonablyattracttomaximizetheeconomic,fiscalandsocialbenefitstotheStateanditscitizenswhileprovidingalongtermhomefortheVikings, therebyensuringthepresenceoftheTeamandtheirassociatedbenefitstotheStateofMinnesota,localjurisdictionsandtheStatescitizensforaminimumof thirty(30)years.

Parties:
Itiscontemplatedthatthepartiestothetransactioninclude(asapplicable)thefollowing: StateofMinnesota(theState) CityofMinneapolis(theCity) TobeformedStadiumAuthority(theAuthority) MinnesotaVikingsFootball,LLC.andanyTeamAffiliatesand/orTeamStadiumCompany(theTeam) NationalFootballLeague(theNFL)

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StadiumLocation StadiumDescription

TheStadiumwillbelocatedat theDowntownEastsiteinMinneapolis,MN TheStadium willbeMultipurposewithaFixed roof (withanoptiontomodifyto aRetractableroof withoutanyincreaseto the funding provided by State or City). The current Stadium siting plan is depicted on Schedule A. During the Design and DevelopmentPhase,theGroup(definedherein)willexploremovingtheStadiumasfareastonthesiteaspossible,withfull considerationofprojectcosts,safety,andothersuchissues,inordertolimitthetimethattheTeamwouldneedtoplayat anotherlocationandtocreateasignificantpublicplazaforyearroundactivities. TheStadiumandtheStadiumsite willbeownedbytheStadiumAuthority. TheAuthoritywillbecomprisedof: o 3membersappointedbytheGovernor,includingtheChair o 2membersappointedbytheMayoroftheCityofMinneapolis TheAuthoritywillbeappointedwithin30daysaftertheenactmentoftheStadiumlegislation. The MetropolitanSportsFacilitiesCommission(MSFC) willbeabolishedwithin90 days aftertheenactmentoftheStadium legislationwiththenewAuthorityassumingallremainingassetsandobligationsoftheMSFC. TheStatewouldprovide$398 million(netoffinancingcosts)totheproject. TheCityofMinneapolisConventionCenterTaxes(describedbelow)wouldprovide$150million(netoffinancingcosts). TheTeam/PrivateContributionwouldbe$427million(netoffinancingcosts). Sources: StateofMinnesota CityofMinneapolis Team/Private TotalSources Uses: Stadium SiteCost/Relocation TotalUses

StadiumOwnership Authority

AuthorityTransition

Financing

$398.0 150.0 427.0 $975.0 $828.0 147.0 $975.0

TheprojectbudgetisattachedonScheduleB.

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EstimatedLifeCycleStadium Funding/OperatingCosts (Operating,Gamedayand ongoingCapitalNetPresent Value(NPV)isbasedon3% inflationanda4%discountrate) State: Upfront Ops&Capital(NPV) Total(26.7%) City: Upfront Ops&Capital(NPV) Total(22.7%) Team/Private: Upfront Ops&Capital(NPV) Total(50.6%)

$398.0 0.0 $398.0 $150.0 188.7 $338.7 $427.0 327.1 $754.1

PublicFunding

The State of Minnesota (or designated intermediary) will issue appropriation bonds which combined with other funding sourceswillbeintheamountof$548million(netoffinancingcosts).Thebondswillberepaidthroughacombinationoffunds primarily generated through the City of Minneapolis Convention Center Taxes identified in the Convention Center Taxes section below (supporting approximately $150 million in financing) and expansion of State authorized charitable gaming to includeelectronicPulltabandotherallowablegaming(supportingapproximately$398millioninfinancing). Beginning in 2021 through 2046, the State will encumber, on an annual basis, a portion of the Convention Center Taxes equivalenttothepresentvalueof$150million.Forcalculationpurposes,thepresentvaluedatewillbebasedonthedate(s) ofthebond(s)soldbytheState(ordesignatedintermediary)orotherStatefundingisinitiated.Thepresentvalueratewillbe thegreaterofthetotalinterestcostofthebondissue(s)orequivalent30Yearbondindex.Aproposedminimumscheduleof ConventionCenterTaxencumbranceswillbedevelopedbytheCityandtheState. Beginningin2016(orthefirstyearofoperation),theStatewilladvancetotheAuthority,onanannualbasis,theamountof $7.5millionadjustingbasedupontheprecedingyearsgrowthintheConventionCenterTaxes,butnotlessthanzeropercent (0%) and no more than five percent (5%) annually thereafter (the adjustment factor), through 2020. Beginning in 2021 through 2046, the State will encumber an amount, on an annual basis, equivalent to $7.5 million as adjusted by the adjustmentfactor.InorderfortheStatetorecoupitsadvancefortheperiod2016(orthefirstyearofStadiumoperation) through2020,theStatewill,beginningin2021,retainanadditionalportionoftheConventionCenterTaxesannuallyusingthe same present value discount rate and calculation method set forth Public Capital Contribution Allocation section above utilizingtheactualdatesoftheStateadvancestocalculatetheirpresentvalue.ThepresentvalueoftheStatesrecoupment willalsobecalculatedbasedontheactualrecoupmentdatesandthePublicCapitalContributionAllocationsection.

ConventionCenterTaxes CapitalContributionAllocation

PublicStadiumOperatingand CapitalReserveAllocation

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Beginningin2013,theState willretainand paytotheAuthorityannually(i)onehalf(50%)ofanyamountabovethefirst$1.0 million(inflatingattwopercentannually,thereafter)uptothefirst$3.0million(inflatingattwopercentannually,thereafter), and(ii)onequarter(25%)ofanyexcessamountsoverthepriorthreshold,ofthebaseConventionCenterTaxamountsset forthinascheduletobedevelopedbytheCityandtheState. ConventionCenterTaxes Asapartofthefunding,thetaxessetoutbelow(theConventionCenterTaxes) will remainineffectthroughatleast2046 at currentlevelscoveringcurrentitemsincurrentgeographiclocations: a. 0.5%generalsalestax; b. 3%downtownrestauranttax; c. 3%downtownliquortax; d. 2.625%lodgingtax. Beginningin2012,theauthorizationfortheConventionCenterTaxeswillprovideforCityexpendituresinsupportofcapital projectsorforothereconomicdevelopmentpurposes. The MSFC Reserves, if any, will be transferred to the new Authority to fund the Authority activities during construction includingtheongoingoperationsoftheMetrodomeuntildemolished,andthenappliedtocapital/operatingreservesofthe newStadiumaftertheTeamhasfinishedplayingatMallofAmericaField,asdeterminedbytheAuthority. Fundingofprojectcosts,includingthedesignanddevelopmentphase,willbepaidfirstbytheTeamuntil$50million ofthe Team/Privatecommitmentisexpended,secondbytheAuthorityuntil$50millionofthePubliccommitmentisexpendedand then shared proportionately by the Team and Authority until all costs have been funded. The Team will provide suitable securityfortheirfundingobligationsasapartofprojectfinancing. The State and City will provide a sales tax exemption on Stadium and offsite transportation construction materials, sewer accesschargefeeexemption,andpropertytaxexemptionontheStadiumproperty.TheTeammayoperatesomefacilities on/asapartoftheStadiumsiteyearround(e.g.,retailstore(s),restaurant(s)),asagreedtobytheGroup(asdefinedbelow)as partoftheDesignandDevelopmentPhase.Thepropertytaxexemptionwouldalsobeapplicabletothesefacilities,tothe extentlegallypermissible. ThedesignandconstructionoftheStadiumshallbeacollaborativeeffortbetweentheAuthority andtheTeam. TheAuthority and the Team will work together throughout the design and construction process to identify the most efficient project procurement and delivery methods subject to the Authoritys mandated public process, and subject to the exemptions grantedtotheTargetFielddesignandconstructionprocess,asdescribedintheTargetFieldlegislationMinnesotaStatutes Sections473.756,Subd.12,asapplicable.Anynecessarylanduseanddevelopmentreviewsandapprovalsshallbehandled consistentwiththeproceduresandstandardsappliedtotheTargetFielddesignandconstructionprocess,asdescribedinthe TargetFieldlegislationMinnesotaStatutesSec13.473.758,Subd2,asapplicable.

MSFCReserves

TimingofContributions

State/CitySalesTaxExemption

Design&Construction Management

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AStadiumDesignandConstructionGroup(Group) shallbeestablishedtomanagethedesignoftheprojectandtoprovide oversightduringconstruction.TheAuthorityandTeamshalleachappointonemembertoserveastheleadrepresentative for each party. Each member shall serve at the pleasure of the appointing entity. A 4/5 vote of the Authority will be required with regard to the Authority decisions related to zoning, landuse and exterior design of the Stadium, related ParkingandthePlazaarea. Groupwillhire,byunanimousdecision,anexperiencedOwnersRepresentativetoassistinthemanagementoftheproject. TheGroupOwnersrepresentativewillworkfortheGroupandbepaidoutofProjectfunds.Ifdesired,anymemberofthe Group, at its own expense, may also hire their own Project Representative to participate in the design and construction process. GroupwillmanagethefollowingaspectsoftheProject: ProjectProgramdevelopment ProjectBudgetdevelopment ProjectScheduledevelopment SolicitationandSelectionofanarchitectandotherconsultants(DesignTeam) DirectionoftheDesignTeaminthepreparationofdesigndocuments Sitedevelopment,includingparkingandinfrastructure Transportationimprovements GuaranteedMaximumPrice(GMP)process,includingselectionofcontractorandnegotiationofGMPagreement AllotheraspectsoftheStadiumdesign&constructionuntilabindingandacceptableGMPagreementissigned DesignandDevelopmentPhase For the time period up until the Design and Development Drawings are completed, and in any event no more than 14 months after the Design Team has been engaged, the Group shall work together on all aspects of design and development. To help the Group carry out these tasks during the Design and Development Phase, the Authority and the Team shall enterintoaDevelopmentAdministrationAgreement(DAA)inwhichtheAuthorityandtheTeamwillagreetoundertake andpayforcertaindesignandotherdevelopmenttasksneededtodeveloptheStadium,asdescribedabove.TheTeam shall provide the initial funding for the Design and Development Phase in accordance with the Timing of Contributions sectionabove,cappedat$50million,whichwillbereimbursedproportionaltoprojectfundingpercentagesintheevent theprojectterminatesforwhateverreason(i.e.,Team44%;Public56%). The Group shall establish minimum design standards to be incorporated into the construction of the Stadium. Such minimum design standards shall be based on recentlybuilt, comparablemarket NFL multipurpose Stadium program elements,includingbutnotlimitedtoIndianapolisLucasOilStadium,andbeconsistentwiththe2008stadiumprogram developedbytheMSFC.TheGroupshallworktogethertominimizeprojectcostswhilemaintainingtheminimumdesign

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standards andconsideringtheimpactonoperations/operatingcosts. Anychangestotheminimumdesignstandardsmust beapprovedbytheGroup. IftheGroupisunabletoagreeonanyaspectoftheDesignandDevelopmentPhase,oranyaspectoftheminimumdesign standards,theGroupshallconsenttobindingarbitrationinordertoresolveanyitemsindispute. IfeithertheAuthorityortheTeamsubsequentlyrequestsanagreeduponchangetotheminimumdesignstandards,that party shall be responsible for the additional cost and for the mitigation of any negative impact, if any, on the other previouslyagreedtoprojectelements,unlesstheAuthorityandTeamagreetoshareinsuchcosts. ConstructionPhase Upon completion of the Design and Development Phase, the Group shall instruct the selected contractor to propose a GMPintwoalternativeformats: DesignBuildGMP,inwhichthecontractorshallassumeresponsibilitytocompletethedesignanddeliverfinal construction documents and construct the project for a GMP that includes all the required costs of finishing designandconstruction,or ConstructionManageratRiskGMP,inwhichthecontractordoesnotassumeanydesignresponsibilitybutdoes agree to construct the project based on the applicable Design and Development documents for a GMP that includesalltherequiredcostsofconstruction. TheGroupshallreviewthealternativeGMPproposalsandselecttheapproachdeterminedtobemostappropriateunder the circumstances. Under either alternative, the GMP contract shall contain provisions for significant penalties in the eventthecontractordeviatesfromtheminimumdesignstandardsordoesnotachievetimelycompletioninaccordance with the project schedule. Further, goals for construction contracts to be awarded to women and minority owned businesseswillbeinapercentageatleastequaltotheminimumusedforotherMinneapolisdevelopmentprojects,as showninScheduleC,andtheconstructionworkforcewillestablishworkforceutilizationgoalsatleastequaltocurrentcity goalsandincludeworkersfromMinneapoliszipcodesthathavehighratesofpovertyandunemployment. After the GMP agreement is signed, the construction phase shall commence and the Authority will manage the constructionoftheStadium.However,theAuthority: WillconstructtheStadiuminamannerconsistentwiththeminimumdesignstandardsandGMPdesigndocuments unlesstheGroupotherwiseagrees. Will furnish and equip the Stadium with furniture, fixtures and equipment (FF&E) consistent with the approved DesignandDevelopmentDrawingsandminimumdesignstandards. WillensurethecompletionandcommissioningoftheStadiumconsistentwiththeapprovedDesignandDevelopment Drawingswithrespecttosustainabilityandefficientbuildingoperations.

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IfvalueengineeringisrequiredtoavoidanyincreasesintheGMPprice,theGroupwillparticipateinanyandallsuch decisions.However,iftheGroupisunabletoagreeonmodificationstheAuthorityshallhavetherighttomakefinal decisions except with respect to minimum design standards, which will include significant revenue generating elements,astheAuthoritywillberesponsibleforcostoverruns.

ForanyaspectduringtheConstructionPhaseforwhichtheGroupisunabletoagree,thentheAuthorityshallhavetherightto make the final decision, as the Authority is responsible for cost overruns, provided, however, that in no event will any deviationfromtheminimumdesignstandardsbepermittedwithoutTeamconsent. Notwithstandingtheabove,beforetheAuthorityentersintotheGMPAgreement/orlikecontract,theTeam,withtheconsent of the Authority (such consent not to be unreasonably withheld or delayed), may take the place of the Authority in the managementoftheConstructionPhase,inwhicheventtheTeamshall beresponsibleforcostoverrunsandwillotherwise assume all rights and responsibilities of the Authority to complete construction in a manner consistent with the minimum designstandardsandtheGMPdesigndocuments.IntheeventtheTeamexercisesthisoption,theTeamshallhavetheright to makefinaldecisions with respect toany valueengineeringdecisions that may be requiredto avoid any increases to the GMP,withinthesameparametersregardingminimumdesignstandardsastheAuthoritywouldbesubjecttotheabove. CostOverruns/Savings TheAuthority (or the Team,iftheTeamassumes allrightsandresponsibilitiesofthe Authority tocompleteconstruction per thetermssetforthintheDesign&ConstructionManagementSection)willberesponsibleforcostoverrunsassociatedwith developmentoftheStadiumproject. Anycostsavingsoradditionalfundsobtainedbythepartiesforprojectcostsshallbe(1)usedtofundagreeduponadditional projectcosts,whichmayincludetheadditionofaretractableroofandoperableendwalls,stadiumtechnology,programming of public plaza areas adjacent to the Stadium, and land acquisition, or (2) used to fund the CapitalReserve oncethe items agreedtoin(1)abovehavebeenfunded. IfathirdpartyisengagedinanymannerduringtheDesignandDevelopmentPhaseorConstructionPhase(e.g.,aP3design andoperationgroupisengaged)theGroupmustbeinunanimousagreementtoengagesuchthirdparty. TheAuthority and Teamwill mutuallyagreeon anexperiencedprivatestadiummanagementcompany(orqualifiedindividual) to manage the Stadium on behalf of the Authority and Team (the Manager), and will mutually agree on certain major vendors (e.g., concessionaire) who will be providing services to the Stadium on a longterm basis. The major vendor categorieswillbedefinedinthedefinitiveagreements. TheAuthorityinconsultationwiththeTeamwillnegotiateafixedcostoperatingManagement/EmploymentAgreementwith operatingcostprotection(s).TheAuthority(nottheCityortheTeam)willberesponsibleforoperatingcostoverruns. The Manager would be responsible for developing initial and ongoing Operating Plan(s) and Operating Budget(s) to be approvedbytheAuthority,inconsultationwiththeTeam.TheOperatingPlanwillidentifythenumberandtypesofevents plannedeachyearandwouldbeconsistentwiththegeneralframeworkoftheinitialOperatingPlanandBudgettobeagreed

Operations

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bytheAuthority, inconsultationwiththeTeam. TheOperatingPlanandOperatingBudgetshallaccommodatetheTeams NFL operating and schedule requirements and be consistent with historical standard operating practices of comparable marketNFLmultipurposefacilities(includingbutnotlimitedtoLucasOilStadium).NFL/MLSdatesanduptofive(5)other NonNFL/MLSEventsasdescribedbelowwillhaveschedulingpriority. Teamshallhaveuptoten(10)nonNFL/MLSdatesperyearforevents(e.g.,NFLDraftParty,charitableevents,Teamsponsor events; such events the Team NonNFL/MLS Events) including up to five (5) such dates with scheduling priority, in accordance with the scheduling process referenced below, in same manner as NFL/MLS events. Any Team NonNFL/MLS EventsmaynotbecompetitivewithanyAuthorityrevenuegeneratingevents.AllTeamNonNFL/MLSEventswillbeavailable totheTeamatnoadditionalrent,however,allactual/eventexpensesforanyTeamNonNFL/MLSEventswillbepaidbythe Team.TheAuthorityandTeamwillestablishaschedulingprocessfortheStadiumeachyear,includingappropriatedeadlines foreachpartytoscheduleitsevents.AnyadditionaleventdaysrequestedbytheTeamforTeamNonNFL/MLSEventswillbe agreed upon between the Team and the Authority considering the Authoritys scheduling priority and the importance of maximizingpublicaccess. The Manager would be responsible for operating the Stadium and parking facilities in accordance with the approved Operating Plan and Budget. Any significant changes to the Operating Plan and Budget would require approval by the Authority,inconsultationwiththeTeam. CapitalRepairsand Improvements TheAuthority, withinputfromtheManagerandtheTeam,woulddevelopashorttermandlongtermcapitalfundingplan thatprioritizesanddefinesthecapitalimprovementsonarollingcurrentyearandmultiyearbasisinordertomeettheneeds ofthepublicandNFLstandards.TheAuthorityagreestomaintaintheStadiuminamannerthatisfirstclassandconsistent withcomparableNFLstadiums,suchasbutnotlimitedtoLucasOilStadium. The Manager, at the direction of the Authority, will be responsible for making, or for causing others to make, all capital repairs,replacements,andimprovementsfortheStadium,plaza,andparkingfacilities. TheTeamwillcontribute$1.5millionannually(inflatingat3%annually)intotheCapitalReserveFund.Inaddition,20percent ($1.5million,asadjustedannually)oftheoperatingallocationdescribedinthePublicStadiumOperatingandCapitalReserve AllocationsectionsetoutabovewillbeplacedintotheCapitalReserveFund. AnycapitalimprovementproposedbytheTeam(s)intendedprimarilytoproviderevenueenhancementstotheTeam(s)shall be paid for by the Team(s) unless otherwise agreed to with the Authority as part of the Capital funding plan, subject to Authorityapproval. TeamwillenterintoaStadiumleaseoruseagreementwiththeAuthorityfora termofthirty(30) years; withoptionsforthe Teamtoextendthetermforfour(4)additionalfive(5)yearperiods. TheagreementwillcontainassurancesandconditionsrequiringspecificperformanceandcommitmentfromtheTeamtoplay

Term

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theirhomegamesattheStadiumthroughoutthetermoftheUseAgreement. TheTeamshallhavetheabilitytoplay alimited numberofLeaguemandatedhomegamesoffsiteorspecialtyhomegamesoffsite,butnotmorethanone(1)gameperyear ormorethanfour(4)regularseasongamesandtwo(2)preseasongamesoveranyten(10)yearperiod. StadiumRevenues The Team shall retain all NFL and Team eventrelated revenues, including but not limited to club seat and suite revenues (otherthangeneratedfromticketsalesfornonTeamrelatedevents)andconcessionrevenuesfromNFL/MLSdatesandTeam NonNFL/MLSEvents.IftheStateorCityimposesanyincrementaltickettaxorticketsurcharge(excludinganygeneraltax increase(s))onTeamrelatedrevenuessources,suchpartywillbeobligatedtoreimbursetheTeamforanynegativefinancial impacttotheTeamresultingfromsuchtaxorsurcharge,asagreedtobytheTeam,throughrentabatementsorotherwise. TeamacknowledgesthatNFL/MLSandotherTeameventswillbesubjecttotheCitysentertainmenttax,asapplicable.Team willhaveabilitytoofferSuiteholdersticketstoalleventsandtoofferClubpatronstherightoffirstrefusaltopurchasetickets forallcommerciallysignificantStadiumevents.AlimitednumberofGeneralAdmissionticketswillalsobemadeavailableto theTeamforallcommerciallysignificantStadiumevents.Notwithstandingtheabove,suiteholder,clubpatronandgeneral admissionticketswillnotberequiredtobemadeavailablefortheNCAAFinalFour,majorpoliticalconventions,theSuper Bowlandothersuchmajoreventsasmutuallyagreedtointhedefinitivedocuments,ifany.Teamshallserveassalesagent and collect revenues from all Stadium advertising within the Stadium site and all naming rights, including the stadium complex,plaza,andrelatedareas(excludingthelightrailstation,ifapplicable),asdefinedfurtherinthedefinitivelongform agreement.TheAuthorityretainstherighttoapprovenamingrightsinordertoensurethatanysuchnamewouldnotbein violation of any Applicable Law or is a name that (a)could reasonably be expected to cause embarrassment to the Authority/public,or(b)isrelatedorreferstoanysexuallyexplicitsubjectmatter,businessorenterpriseoranyfirearms,or tobaccocompany. TeamshallalsohaveacertainamountofspaceintheStadiumavailabletoTeamonayearroundbasisatnoadditionalrent, andwithnorestrictionsonaccess,forTeamoperations,salesandmarketingincludingaticketoffice,ownershipandvisiting ownersuites,Teammeetingspace(e.g.,boardroom),lockerandtrainingrooms,sponsorshipspaceavailableforsponsorand othereventsduringtheyear,VikingsHallofFameandasmallamphitheatersupportingtheVikingsHallofFame,Teamretail store(s), and restaurant(s). Any revenues collected from such spaces will be retained by the Team. The Team will be responsibleforallcostsrelatedtooperatingandmaintainingtheVikingsHallofFame,Teamretailstore(s),andrestaurant(s). TheTeamwillalsoberesponsibleforanyincrementalcosts,beyondthebaseoperatingandmaintenancecostsincludedinthe Stadium budget, for spaces related to other Team operations. The public costs will not be increased beyond the amounts showninScheduleB. AllothernonTeamrelatedrevenuesshallberetainedbytheStadiumAuthority. The Authority will be responsible for all operating costs of the Stadium and plaza after payments received from the Team/PublicStadiumOperatingAllocationandotherevents.WithregardtotheplazaareaassociatedwiththeStadium,ifthe Stadiumissitedinamannerthatsignificantlyincreasesthesize/functionbeyondthatsetforthinScheduleA,asapartofthe definitivedocuments,theTeamandtheAuthoritywillmutuallyagreetodiscusstheoperationalimpactsofthePlaza. TheTeamwillpaytotheAuthority$8.5millionperannum(inflatingat3%annually)towardOperatingExpensesintheformof

Rent/OperatingExpenses

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rentunderaleaseorusefeesunderauseagreement foruseinoperatingexpenses. Inaddition,80percent($6million,as adjusted annually) of the operating allocation described in the Public Stadium Operating and Capital Reserve Allocation sectionsetoutabovewillbeappliedtowardOperatingExpenses. NewMajorLeagueSoccer (MLS)andOtherTeam Franchises IfanyoftheTeamsowners whosefamilyownsatleast3 percentoftheTeam purchasefull ownershiporpartialownershipin anMLSfranchise,suchfranchisewillplayintheStadiumunderthesameoperating,schedulingpriority,andrevenueand expensetermsasapplicabletotheTeamsNFLfranchise,atnoadditionalrent.Notwithstanding,anyreasonablemarginal costsincurredbytheAuthorityasaresultofthenewfranchise(s)willbepaidbytheTeam.Theassumptionisthatno incrementalcostsforcapitalmodificationsorcapitalrepairsareexpected.However,anycapitalmodificationsrequiredto supportthenewfranchise(s)willbefinancedbytheTeam,unlessotherwiseagreedtobytheAuthority.TheTeamhasthe exclusiverighttobringMLSsoccertotheStadiumfor5yearsaftertheStadiumisopen.TheTeamintendstoactivelyevaluate pursuinganMLSfranchiseduringthisperiod. IftheTeamsownerspurchasefullownershiporpartialownershipoffranchisesotherthantheNFLorMLSteams,theterms oftheagreementtoplayintheStadiumwillbenegotiatedingoodfaithatthattime. Asapartof thedefinitivedocuments,theCityand theTeamwillworktogethertoexpandthecurrenttailgatingboundarieson surface parking lots generally East and South of the Stadium understanding that certain areas will not be practical for tailgating.Oncetailgatingareashavebeenspecificallyidentifiedandagreedupon,theCitywillamendCityOrdinanceTitle 13,319.310toincludesuchareas.Inaddition,theCityandTeamwill exploretailgatingareasalongcurrentandfutureLRT lines. It is expected that any costs (e.g., cleaning) associated with tailgating on surface parking lots will be paid for by the ownersofsuchlots. TheTeamshallpayallNFL/MLS gamedayandTeamNonNFL/MLSEventdayexpenses includinganyCityservices withinthe Stadiumorrelatedplazaareas. The City shall be responsible for all costs incurred for NFL/MLS game days and reasonable costs for up to ten (10) Non NFL/MLS Event days (excluding any in Stadium or plaza related costs for which the Team will be responsible as described above),forCityservices(e.g.police/security,trafficcontrol,fireprevention,emergencymedical,streetcleaning/trashremoval andothersimilarservices). IftheTeam issoldoraninterestintheTeam issold,aportionofthesalepricemustbepaidtotheAuthorityanddepositedin areservefundforimprovementstotheStadiumorexpendedastheAuthoritymayotherwisedirect.Theportionrequiredto besopaidtotheAuthorityshallbe18percentoftheamountinexcessoftheoriginalpurchasepriceoftheTeam,decliningto zerofifteenyearsafterthepassageofStadiumlegislationinincrementsof1.2percenteachyear.Theagreementmustprovide exceptionsfor(1)salestomembersoftheownersfamilyandentitiesandtrustsbeneficiallyownedbyfamilymembers,(2) salestoemployeesofequityinterestsaggregatingupto10percent,and(3)salesrelatedtocapitalinfusionsnotdistributedto theowners.

Tailgating

GamedayExpenses

TeamSale

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PublicAccess

TheAuthority,TeamandManageroftheStadiumwillworktomaximizetheuseofthefacilitybyattractingeventsthatcreate economic,fiscalandsocialbenefitstotheStateandlocalcommunities.Examplesofsucheventsinclude:NCAAcompetitions, concerts,political,civic,community,MNHSLandnotforprofitevents.TheAuthorityshallactivelyseekout civic/community/notforprofiteventsconsistent(intypeandrent)withthehistoricoperationsoftheHubertH.Humphrey Metrodome. TheAuthorityshallownandretain the exclusiverights tosellSBLstotheStadium.TheAuthorityshallretaintheTeamtoact astheAuthority'sagentinmarketingandsellingsuchlicenses. WaiverofMetropolitanCouncilSignificanceReview. Approximately65,000(expandableto72,000) Approximately150suitesand7,500clubseats Assumes the construction of onsite parking and the use of existing parking ramps and surface parking surrounding the Downtown East Site. Team requires that 2,000 spaces be provided within one (1) block of the Stadium with a skyway or tunnelconnectiontotheStadiumand500spacesbeprovidedwithintwo(2)blocksoftheStadiumwithadedicatedwalkway ongamedaysforpremiumticketholders.TheCitywillusebesteffortstosecuretheexclusiveuseoftheMinneapolisArmory fortheTeamonTeamEventdays. The Stadium should be designed and constructed in a manner that provides for environmental and energy efficiency. The AuthorityandtheTeamwillmakeanefforttobuildaStadiumthatiseligibletoreceiveLEEDcertification. Thelease/useagreementorothertransactiondocumentsshallprovideforanagreeduponnumberofaffordabletickets. Totheextentlegallypermissible,theCity orAuthority willfacilitateor,ifnecessary,effectuatetheacquisitionofanyandall propertyrequiredfortheStadiumdevelopmentprojectasprovidedforintheattachedbudget(SeeScheduleB). Ifforanyreasondespitetheforegoing,theCityorAuthorityisunabletofacilitateoreffectuatetheacquisitionofthe DowntownEastParkingproperty,theTeamorrelatedentitiesmaypurchasesuchproperty.IftheStadiumprojectdoesnot goforward,theState/MSFCwillreimbursetheTeamorrelatedentitiesforthefullvalueofanylossincurredonthe subsequentresaleofthispropertywithin3yearsofpurchase,basedonaninitialpurchasepricebytheTeamorarelated entityequaltothelesserof(1)theactualpurchaseprice,and(2)$8million.IntheeventthattheTeamorarelatedentity resellstheproperty,theTeamortherelatedentitywillmakecommerciallyreasonableeffortstoobtainfairmarketvalue. ThisAgreementshallbegovernedbyandconstruedinaccordancewiththelawsoftheStateofMinnesota.

StadiumBuildersLicenses (SBL) MetropolitanCouncilReview SeatingCapacity PremiumSeatingInventory Parking/EventVenues

LEEDCertification

AffordableNFLGameTickets PropertyAcquisition

GoverningLaw

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Headings

TheheadingscontainedinthisAgreementareforconvenienceonly,donotformapartofthetermsofthisAgreement,and maynotbeusedtoaidininterpretationofthisAgreement. TheundersignedagreethatthisAgreementwasandisjointlydraftedbetweenthem.Therefore,anyinterpretationofany ambiguityshallnotbeconstruedagainstoneortheother. State,CityandAuthorityshalllookonlytothelimitedliabilityassetsofTeamandnottotheassetsofanypartnerorother person,includingwithoutlimitationTeamsgeneralpartnerandTeamowners,forthesatisfactionofanyobligationordebt underthisAgreement.

DraftingofAgreement

LimitedLiabilityAssets

SignaturePageFollows

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ZygiWilf Owner/Chairman MarkWilf Owner/President

______________________________

______________________________

MarkDayton ______________________________ GovernorStateofMinnesota TedMondale ______________________________ ChairofMetropolitanSportsFacilitiesCommission R.T.Rybak ______________________________ MayorCityofMinneapolis BarbaraJohnson ______________________________ CityCouncilPresidentCityofMinneapolis

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