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TAYLOR REACHES AGREEMENT ON TARGET CENTER LEASE
Published November 30, 1994
Timberwolves buyer Glen Taylor has reached an agreement with the Metropolitan Sports Facilities Commission (MSFC) to finalize his team's lease at Target Center. There had been speculation among the business community that Taylor was ready to back out of buying the team, which has "performed poorly on the court and at the gate." But Taylor said any unraveling of the arena deal "won't be because of me ... I'm signing a 30-year lease. I am in it for the long run." Taylor and the MSFC agreed that the commission can finance the purchase of the Target Center from Wolves sellers Marv Wolfenshon and Harvey Ratner with "short-term variable-rate bonds rather than long-term fired-rate bonds." All that is left to conclude the "public-private" Target Center deal is an agreement with Ogden Corp., which will manage the facility. Ogden VP Dana Warg was optimistic a deal could be completed by the December 31 deadline (Hartmann & Weiner, Minneapolis STAR- TRIBUNE, 11/30).