If the Timberwolves "are to compete with other teams"
in the NBA, the city of Minneapolis, which owns the Target
Center, "will have to give" the team "some financial relief.
And there is money available," according to Sid Hartman of
the Minneapolis STAR TRIBUNE. Hartman wrote that the city
made a profit of $1.18M on the Target Center last year,
taking into account revenues of over $5.7M from sources,
including $3.23M in property taxes and $898,395 in
entertainment taxes. Expenditures included "general
obligation bond debt service" of over $3.5M. In addition,
the city collected $1.1M in sales tax from ticket sales at
the arena and the team also paid real estate taxes of
$2.97M. The city also collected real estate taxes of over
$671,000 from a Target Center health club. Hartman also
noted "the state not only profited from the sales tax of $2
million [from ticket sales] but maybe another $5 million in
state income tax from the executives, coaches, players and
other employees of the Timberwolves." Hartman: "That money
is available to the city and the state only because of the
presence of the Timberwolves" (STAR TRIBUNE, 8/17).
