SBD/13/Facilities Venues

TARGET CENTER BUYOUT APPROVED BY CITY COUNCIL

     The Minneapolis City Council finally approved a city buyout
of the Target Center on Friday.  A final concession by T-Wolves
buyer Glen Taylor was to agree to give the city one year's notice
of "any intent to invoke the escape clause if his taxes increase
by more than 2% a year." That will give the city two years,
instead of one, to try to find a local buyer for the team.  The
city will borrow up to $84.6M to buy the arena.  Taylor will pay
no rent for his team to play at the arena, but the city will be
repaid by money Taylor pays through property taxes on the
building.  The city will also pay current team owners Marv
Woflenson and Harvey Ratner $54.6M for the arena and assume some
$22M of their existing debt on the arena.  Taylor's purchase of
the team was contingent on public takeover of the facility
(Minneapolis STAR TRIBUNE, 3/13).
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