MINNEAPOLIS (WCCO) – The Minneapolis City Council gave its final approval for the Target Center’s planned $129 million renovation Friday morning.

The approval includes a guaranteed maximum price of $102.8 million in hard construction costs.

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“We own this city as a people and we are investing in this arena as a city,” Minneapolis Mayor Betsy Hodges said.

The City Council approved the renovation with a 10-3 vote on Friday. The project can now move forward.

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“Minneapolis greatly benefits from the Target Center. I am delighted that we’re investing in this facility that brings people downtown for so many activities and events,” Minneapolis City Council President Barbara Johnson said.

The plan includes both exterior and interior improvements, including new gathering spaces, clubs and restrooms, as well as renovated food and beverage areas. A new scoreboard will also be installed.

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Construction is expected to begin May 6 and be completed in fall 2017, according to the Minnesota Timberwolves.