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NEW PLANS FOR SAVING THE TARGET CENTER EMERGE
Published January 11, 1995
"Last-ditch efforts to salvage the crippled Target Center buyout are focused" on a plan whereby the Minneapolis Community Development Agency (MCDA), the city's economic development arm, would buy the arena. The plan was submitted to prospective Timberwolves buyer Glen Taylor on Tuesday. Under this plan, Taylor would increase his purchase price of the team, thereby lowering the purchase price of the arena. Sources say that although Taylor's upfront costs for the team would be higher, he and Ogden Corp., the group that manages the arena, would benefit from reduced arena operating costs from lower debt service and reduced property taxes. If Taylor accepts the deal, the Minneapolis City Council could vote on the buyout as early as Friday (Kevin Diaz, Minneapolis STAR TRIBUNE, 1/11). In August, Taylor agreed to buy the team for $88.5M, while the arena buyout would have cost the Metropolitan Sports Facilities Commission $54M. The public buyout of the Target Center failed due to a new statute in the federal tax code.