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TARGET CENTER DEAL GETS CLOSER TO COMPLETION
Published December 20, 1994
The public buyout of the Target Center "took a giant step toward completion Monday" when Minneapolis city finance officer John Moir offered a solution to the potential "deal-breaking problem of ticket surcharges tied to interest rates." Metropolitan Sports Facilities Commissioner Chair Henry Savelkoul after the new proposal was offered: "We have essentially reached agreement with all the principal elements [to complete the buyout of the Target Center and sale of the Timberwolves]." The solution offered by Moir, which still needs approval by the Minneapolis city council, includes an arena reserve fund, managed by the sports facilities commission and funded with money from the sale of tax-exempt bonds. If necessary, that money would be used to cover the cost of any "excessive rise in ticket surcharges." All parties involved "expressed confidence that the major hurdle had been cleared" with this new proposal by Moir. The $54M public purchase of the Target Center from outgoing T- wolves owners Marvin Wolfenson and Harvey Ratner has been a year in the making. When the sale of the arena is complete, perhaps by the end of January, the sale of the T-wolves to Glen Taylor for $88.5M also will be complete (Jay Weiner, Minneapolis STAR TRIBUNE, 12/20).