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Minnesota Twins and Target announce new partnership09/15/2008 10:04 AM ET
Minnesota Twins public relations
MINNEAPOLIS-ST. PAUL, MN -- Target Corporation (NYSE:TGT) and the Minnesota Twins today announced that they have reached an agreement in principle on an exclusive 25-year partnership that includes the naming rights for Target Field, the new world-class home of the Twins scheduled to open in 2010. Beyond Target Field, Target and the Twins also will collaborate on the design of Target Plaza - a pedestrian bridge and public gathering space connecting Target Field to downtown Minneapolis. The Minnesota Ballpark Authority, the public owner of the facility, will oversee the design, construction and operation of the new ballpark and plaza. Financial terms were not released. "The Minnesota Twins are extremely pleased to announce our partnership with Target Corporation, which includes the naming of our new home, Target Field," said Twins owner Jim Pohlad. "Our state is lucky to have many businesses that provide outstanding support and commitment to our community but none do it better than Minnesota-based Target. We are honored to be their partner." "We are excited about our partnership with the Minnesota Twins and the opportunity to continue our long history of community support. We are confident that Twins fans and community residents will enjoy this wonderful addition to our area for many years to come," said Gregg Steinhafel, President and CEO of Target. In addition to naming rights for Target Field and Target Plaza as well as an extensive brand presence at the new ballpark, the Twins and Target plan to jointly develop a wide variety of marketing and promotional programs to delight Twins fans and Target guests alike. They also plan to partner on community programs across Twins Territory. About Target Field
Target Field, one of America's most urban ballparks, will be located in the North Loop neighborhood and historic Warehouse district of downtown Minneapolis. The process of site clearing the new ballpark site began May 15, 2007 with actual construction commencing in August 2007. Designed by HOK Sport with Mortenson Construction serving as construction manager, the 40,000 seat ballpark is slated for completion prior to Opening Day 2010 and the cost of construction is $412 million. The Twins Ballpark Webcam provides fans the opportunity to view progress on the construction of the new downtown Minneapolis ballpark through completion in the spring of 2010. For more information on Target Field and to view the site through the Webcam, visit www.twinsbaseball.com/newballpark. About Target
Minneapolis-based Target serves guests at 1,648 stores in 47 states nationwide by delivering today's best retail trends at affordable prices. Target is committed to providing guests with great design through innovative products, in-store experiences and community partnerships. Whether visiting a Target store or shopping online at Target.com, guests enjoy a fun and convenient shopping experience with access to thousands of unique and highly differentiated items. Target (NYSE:TGT) gives more than $3 million a week to its local communities through grants and special programs. Since opening its first store in 1962, Target has partnered with nonprofit organizations, guests and team members to help meet community needs. Ballpark History
The Minnesota Legislature in 2006 approved legislation to fund the new Minnesota Twins ballpark. The legislative action was the culmination of a 10-year effort to return outdoor baseball to Minnesota. Under the terms of the legislation, the public contribution is $350 million, which includes $90 million for infrastructure and $260 million for ballpark construction. The public contribution is being financed by Hennepin County issued bonds that will be repaid from a County sales tax. The Minnesota Ballpark Authority (MBA) was created to oversee the design, construction and operation of the new ballpark. The MBA will own the ballpark and the site on which it sits on behalf of the public. Under the original legislation, the Minnesota Twins' contribution was $130 million for construction costs and any cost overruns. Since the legislation was adopted, the team also has committed to contributing an additional $15 million for non-land infrastructure expenses and $22.5 million for ballpark construction costs. A total project budget of approximately $517.5 million was approved in February of 2008.
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