Mortensen Lands $763M Contract To Build New Vikings Arena

Law360, New York (November 22, 2013, 1:37 PM EST) -- Mortensen Construction has won a $763 million contract to develop the Minnesota Viking's new $975 million stadium, after agreeing to a guaranteed maximum price on the project, it announced Friday.

Per the construction management plan with the Minnesota Sports Facilities Authority, Mortensen has agreed to cover any cost overruns — though the Vikings have provided an extra $26.4 million in a letter of credit to help with the development and to act as a contingency in case that happens.

With the deal in place, the Minneapolis-based...
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