Minneapolis Fed Allowed to Rebuild
WASHINGTON - After years of patching up its futuristic headquarters building, the Federal Reserve Bank of Minneapolis is throwing in the trowel.
The Minneapolis Fed announced Thursday that it had received a go-ahead from the Federal Reserve Board to construct a new building.
Its current headquarters, completed in 1973, is a Twin Cities landmark.
But the building has been plagued by flaws, including corrosion, leaks, fire hazards, and asbestos, since the day it opened.
Cost of Replacement
At a congressional hearing in July, Fed Governor Wayne Angell estimated the costs of a new building at $120 million to $150 million.
That is more than four times the original $30.9 million price.