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TARGET CENTER BUYOUT APPROVED BY CITY COUNCIL
Published March 13, 1995
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).