The total cost of the 185,000-sf store and adjacent parking ramp is $164.5 million; the developer is Minneapolis-based Ryan Development. Most of the subsidy is providedthrough tax increment financing.
Minneapolis Mayor Sharon Sayles-Belton blames the heavy subsidy, which rose steadily in estimates starting with $16 million in 1996, for her inability to land the Democratic endorsement in her bid to be re-elected mayor this fall.
"The left wing of the DFL is saying, 'We're not happy with Target. We're not happy with Target. We're not happy with the progress you've made on affordable housing. We're not going to give you the endorsement'," Sayles-Belton said after the convention, according to the story. None of the candidates won endorsement.
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