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Without the contribution of Ogden Corp., which manages Target Center and runs the concessions, there would not have been a sale of the Timberwolves and an arena takeover by the Metropolitan Sports Facilities Commission.
To make the deal work, Ogden Corp. agreed to pay the city of Minneapolis $5.8 million a year to operate the building.
A total of $2.1 million is expected to be used to repay the money owed the city of Minneapolis for the land where Target Center was built. The remaining $3.7 million will go toward the payment of bonds that will be sold to help pay off the $42 million provided by the state and the $12 million the city is providing for the purchase of Target Center.
Local officials can thank Dana Warg, who has been managing the building, for convincing Ogden Corp. to make the contribution.
Incidentally, the rumor around Target Center is that Warg will remain with Ogden Corp. and not move to Edmonton to run the Northlands Coliseum. Warg, according to sources, will be promoted by Ogden and will run a number of buildings for the organization while continuing to live in Edina and helping run Target Center. A new director will be hired to run Target Center.
Meanwhile, Timberwolves president Bob Stein said he first heard about Glen Taylor's interest in buying the team on Thursday.
"I'll do anything Mr. Taylor wants me to do to help a smooth transition," Stein said. "I think the team is in good shape with a number of good young players. We have been waiting for the new ownership before getting into serious negotiations with first-round draft choice Donyell Marshall."
Incidentally, Stein's three-year contract will be bought out by Marv Wolfenson and Harvey Ratner - not Taylor. But Stein will work as a consultant for Taylor as long as he is needed.
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