MINNEAPOLIS (AP Oct 28, 2013) – The Minnesota Timberwolves and the City of Minneapolis have announced a $97 million renovation plan for Target Center.
The long-negotiated plan finally was announced on Tuesday and is scheduled to be voted on for approval by the City Council on Nov. 12. The Timberwolves will pay $43 million toward the project, Minneapolis will contribute $48.5 million and building manager AEG will pay $5.5 million.
The parties first announced plans for a $150 million renovation in February 2011 as part of a bill to get the Minnesota Vikings a new football stadium. The total number dropped in the final plan, but there is an additional $50 million capital expenditure fund to keep the building updated going forward.
The renovation will redesign the exterior of the building, create additional gathering spaces, improve pedestrian traffic flow, upgrade amenities, increase the seating capacity, add additional VIP clubs and fix loading dock problems.
The deal also keeps the Timberwolves, Lynx and AEG at the arena until 2032
