MINNEAPOLIS (WCCO) – The Minneapolis City Council voted unanimously Tuesday to approve the term sheet on a $97 million plan to renovate the Target Center, which is currently 23 years old and in need of a facelift.
The deal includes a 50/50 split in costs between the City of Minneapolis and private entities. Minneapolis will contribute $48.5 million, while the Timberwolves and Lynx will pay $43 million and AEG Facilities will contribute $5 million. Officials said the design phase of the project will happen this winter, and construction will start after the Timberwolves season ends.
Officials said Timberwolves and Lynx games only make up about a third of the building use at Target Center, so continuous efforts will be made to host concerts and other entertainment events. Target Center generates about $100 million every year in economic activity.
The project will create about 850 construction jobs and about 900 jobs within the arena.