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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).