St. Louis Business Execs Stay Quiet On Rams Stadium Temporary Tarp Place Over Roof At U.S. Open Dolphins Unveil Sun Life Stadium Renovations Louisville Announces Stadium Expansion Plan Jim Buss Remains Optimistic About Lakers Leonsis Weighing Wizards Practice Facility Spots Lexus Gets Dallas Arena's Platinum Level Name DraftKings Inks Deals With Cowboys, Chiefs, Pats University Plans Threaten Downtown Cincy Project Raiders Move Into New Training Facility
TARGET CENTER DEAL GETS CITY COUNCIL APPROVAL
Published February 13, 1995
"Finally putting the Target Center issue behind them," the Minneapolis City Council voted 9-3 Friday to approve the city's $72M buyout of the arena. The city's purchase, "part of a public-private plan" to keep the T-Wolves in MN, is linked to Glen Taylor's $88.5M deal to buy the team. The city will pay for the building by selling bonds, and about 20 local corporations will loan the city $12.6M. As part of the deal, the city will pay about $54.6M to former Target Center owners Harvey Ratner and Marv Wolfenson, and assume $16M in debt. NBA Commissioner David Stern says the deal is "a good sign." Stern: "Everything seems to be in place. Now we have to wait for the bonds to be issued after what we believe will be a 30-day or so period" (Patrick Sweeney, SAINT PAUL PIONEER-PRESS, 2/11).