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OFFICIALS HOPE TO SEAL TARGET CENTER DEAL BY MONDAY
Published December 16, 1994
A meeting has been set for Monday at which key players in the public buyout of the Target Center hope to complete the deal. The Metropolitan Sports Facilities Commission (MSFC), Timberwolves Owner Glen Taylor, and Ogden Corp, who manages the facility, had hoped to finalize the deal by the end of the year in order to stabilize the financing. However, both MSFC Executive Director Bill Lester and Minneapolis finance officer John Moir said a deal will be impossible to achieve before 1995. Rising interest rates have adversely affected the transaction because Taylor and the MSFC have used short-term variable-rate interest debt to finance the agreement. Ogden, who dropped out of the deal once before, sent company officials to New York Thursday to meet with NBA officials and appraise them of the progress. Ogden is "concerned" about the risks of short-term, variable-rate financing, with rising interest rates fueling this concern. If the Target Center buyout is not completed by January, it will move into its third year (Jay Weiner, Minneapolis STAR-TRIBUNE, 12/15).