City Council approves Target Center renovation agreement
The Minneapolis City Council today approved an agreement between the City of Minneapolis, the Minnesota Timberwolves and Minnesota Lynx, and Target Center operator AEG to renovate the 23-year-old, City-owned Target Center.
Under the approved agreement, the City of Minneapolis will pay $48.5 million, or 50 percent, of the $97-million renovation. The Timberwolves and Lynx will pay $43 million, or approximately 44 percent, with AEG contributing $5.5 million, or approximately 6 percent.
The renovation will include a redesign of the exterior; increased seating capacity for concerts and family shows; additional gathering and meeting spaces; improved pedestrian flow and easier access in and out of the building; additional clubs; improved amenities for all areas of the arena, including the upper and lower levels; and improved loading docks, among other features. Design will begin later this year, with renovation to begin in 2014. The renovation will be complete within 18–24 months.
The renovation will create 850 construction jobs. For the following 20 years, Target Center will continue to support 200 full-time and 700 part-time jobs, as well as more than 1,000 jobs in nearby hospitality establishments. Minneapolis’ annual hospitality payroll is $1 billion.
The agreement will also keep the NBA Timberwolves and current WNBA champions Lynx playing in the Target Center through 2032.
In addition to funding half of the renovation costs, the City of Minneapolis will provide no less than $50 million for Target Center capital improvements in order to keep the facility competitive over the life of the agreement, which expires in 2032.
Under the terms of the agreement, AEG will continue to operate the Target Center through 2032.
Published Nov 12, 2013