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LOCAL BUSINESSES ASKED TO HELP FUND TARGET CENTER BUYOUT
Published January 26, 1995
The City of Minneapolis and MN Governor Arne Carlson yesterday asked local business leaders to help finance $12M of the $54M needed to buy the Target Center and complete the deal to sell the T-Wolves. Under the plan, the city will issue $42M in general obligation bonds, while local business leaders would buy $12M in additional bonds. Business leaders would be in a "secondary position," meaning they would not get returns on their investments until the city's obligations were paid. Among the local business leaders who met with officials Wednesday afternoon: Dayton-Hudson, Norwest Bank, First Bank, IDS, Honeywell, U.S. West and Cowles Media. Carlson and Metropolitan Sports Facilities Commission Chair Henry Savelkoul say the issue must be settled by March 1, the date by which Wolves and Target Center owners Marv Wolfenson and Harvey Ratner must inform the NBA if they plan on moving the franchise. Carlson, who called the arena a "state asset," says he will not need to ask the MN Legislature for help if business leaders can come through (Weiner & Diaz, Minneapolis STAR-TRIBUNE, 1/26).