Wilf was joined by Minnesota Gov. Mark Dayton and Minneapolis Mayor R.T. Rybak in announcing that the new stadium would be built at the site of the Metrodome.
The fixed-roof facility is expected to cost $975 million but would be financed without additional taxes from Minnesotans. The Vikings would contribute $427 million with the state funding $398 million and the city of Minneapolis chipping in $150 million.
Support from both state and city legislators must be won before the project can proceed.
"This solution simple makes sense," Rybak said. "The site has been the home of the Minnesota Vikings for the last 30 years and will be its home for the next 30 years in a publicly owned, modern facility."
The Vikings moved into the Hubert H. Humphrey Metrodome in 1982 after playing in Metropolitan Stadium from 1961-81. They would likely play next season in the Metrodome but then have home games in TCF Bank Stadium on the campus of the University of Minnesota until the new facility is finished. A target date of 2016 was set for opening the stadium.
Supporters said the stadium could be used year round and could draw events such as a Super Bowl or NCAA Final Four.