Minneapolis/St. Paul – The Minneapolis City Council voted today to approve the term sheet deal between the Minnesota Timberwolves and Lynx, Anschutz Entertainment Group (AEG) Facilities, and the City of Minneapolis on a $97 million renovation to the 23-year-old, city-owned Target Center. The public-private partnership is a 50/50 split, with half the money coming from the City and half coming from private entities. Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG Facilities will pay $5.5 million.
After months of negotiations and two Minneapolis City Council Committee meetings, the approval by the Council allows the project to begin moving forward. The first step will be convening a design group to start the process of designing and planning the renovation. The design of the building will take place this winter, with construction expected to begin after the 2013-14 Timberwolves season.
“I appreciate the City Council approving our project. They have been great partners and I look forward to continuing our strong relationship,” said Glen Taylor, majority owner of the Minnesota Timberwolves and Lynx professional basketball teams. “Now we can look to the future to provide the next generation of Timberwolves and Lynx fans a first-class experience.”
As design details are finalized in the months to come, fans at all ticket prices, from courtside seats to upstairs, will have an improved experience. Additional clubs and gathering spaces, as well as improved traffic flow, are a few of the enhancements. Additionally, the building will have an updated exterior to fit in better with Target Field and the surrounding neighborhood.
Minneapolis has also agreed to maintain a $50 million capital expenditure fund to ensure the city-owned facility remains fresh and competitive over its life.
The Timberwolves and Lynx make up only about 33 percent of the events at Target Center, so the renovation will also add features necessary to attract the best national entertainment acts to the upper Midwest, such as better premium seating, loading docks, lighting and sound equipment.
According to an analysis done by CSL, Target Center generates about $100 million per year in economic activity. The renovation itself will put about 850 people to work on construction jobs. Maintaining Target Center’s viability will also keep about 900 jobs within the arena secure, and retain countless other jobs in area bars, restaurants, hotels and parking lots that serve Target Center visitors. The Council vote today maintains this economic development asset for decades to come.