Excess funds from 'The People's Stadium' will be used to fund 'The People's Veterans Homes'
ST. PAUL, MN—The House State Government Finance Committee unveiled plans Wednesday to fund three critically-needed veterans homes across Minnesota. Using excess funds from the Vikings Stadium Reserve Account, the bill funds veterans homes in Preston, Bemidji, and Montevideo. Legislators were joined by officials from communities at a press conference Wednesday in Saint Paul.
"Our veterans have already spent enough time far from home serving our country. They should not have to travel far from home to receive the care they have earned," said Rep. Cindy Pugh, R-Chanhassen, member of the State Government Finance Committee. "This bill shows our veterans that they matter and we appreciate their sacrifice. I am proud to have worked with my colleagues to take a critical step forward in making these much-needed veterans homes a reality."
With financial backing from the state and local communities, the federal government will cover 65 percent of the veterans homes’ cost. Though the House State Government Finance bill included funding for these homes last year, Governor Dayton vetoed the bill.
The Vikings stadium reserve used to fund the veterans homes currently has an excess balance of $58 million. The reserve is expected to grow to $120 million by the end of fiscal year 2021. Under the bill, the stadium reserve account would be capped at 125% of the annual payments of the stadium bonds. The House bill ensures excess funds are put to use rather than sitting idle while still protecting against a drop in revenues. Currently, there is no cap on the amount of the reserve.
"By using excess money from "The People's Stadium" we can build "The People's Veterans Homes," added Representative Sarah Anderson, R-Plymouth, Chair of the House State Government Finance Committee. “Veterans and their families have waited long enough to receive the close to home care they deserve for serving our country.”
Building these veterans homes is the result of the hard work of Representatives Greg Davids, R-Preston, Tim Miller, R-Prinsburg, Matt Bliss, R-Pennington, and Matt Grossell, R-Clearbrook. The bill has been posted to the State Government Finance Committee home page, and received its first hearing on Wednesday.
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