CHICAGO The Minneapolis City Council has approved a $100 million renovation plan for the 23-year-old city-owned Target Center arena.
The plan was pushed by departing Mayor R.T. Rybak. The city and National Basketball Association’s Minnesota Timberwolves reached agreement last month on the plan with about half of the funding coming the city. The team would cover 44% and arena operators AEG covering the rest.
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. Work is expected to begin the in spring and it could be completed in late 2015 or 2016.
The city has said that the state legislation for the new Minnesota Vikings stadium in Minneapolis approved last year paved the way for the financing package as it permits the use hospitality taxes as a funding source for both the city’s share of the new stadium and the arena renovations Those taxes currently go to repay convention center debt which will be retired in 2020. The taxes were extended to 2046 under the Vikings legislation.