Monday, February 6, 2012

Target Center: Publicly Subsidized, Privately Owned

Star Tribune released an article on February 2nd on the Target Center, revealing the building in a negative light. "They call it an albatross. A mistake. Worst decision ever." Yikes.

The bailout of the Target Center in 1995 is what the article is referencing. New figures released in late January predict that the city of Minneapolis will have to spend more than $32 million over the next decade to keep Target Center up to date.

According to the Star Tribune article, Minneapolis uses tax-increment financing to support much of its obligation to the Target Center. The city also set aside much of the tax revenue from increased property taxes of recent years. However, most of the capital costs and all of the operation subsidies are paid by taxpayers throughout Minneapolis.

To me, the Target Center is an eye sore. It would be great to have a newly renovated building with... windows. However, we really have to ask ourselves if we would be fine with removing all public financial support from the building. I doubt the answer is yes, especially with how many concerts are brought to the Target Center - more than what the Xcel Energy Center could accommodate. Plus, the Timberwolves are gaining ground and are back in the NBA radar.

If the Target Center were to lose its public funding, you might as well kiss it and a large portion of Block E 'good bye'. The Target Center is more important than we give it credit.

1 comment:

Eric Church said...

I want to join the music concert because music is my soul and i never missed any music concert in my surrounding areas in New York and at this time i will join this concert again but i am looking for discount and affordable tickets rates.