CHICAGO The Minneapolis City Council is expected to vote later this month on the city’s agreement with the National Basketball Association’s Minnesota Timberwolves on a $97 million renovation plan for the city-owned Target Center arena.
The city would be on the hook for about the costs of the renovations with funds coming from the city’s sales tax. The team will cover another 44% and the arena operators AEG will pay the rest.
“We think it’s a darn good deal,” said Mayor R.T. Rybak. “Generally, this is going to get us out of the hole that we were in” to currently cover annual arena expenses and maintenance. If approved by the council, work would begin in the spring and could be completed in late 2015 or 2016.
The plan calls for upgrades to both the interior and exterior of the 23-year-old arena, additional premium seating and other amenities. The team would agree to remain at the Target Center until 2032 under the agreement.