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.

Flawed Landmark

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.

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