The city of Minneapolis and the Timberwolves announced a deal for a $97 million renovation of the Target Center on Monday, according to news sources.
The Timberwolves will contribute $43 million to the plan and, pending the City Council’s approval, Minneapolis will spend about $48.5 million in city sales tax revenue. The final $5.5 million would come from building manager AEG, according to the Star Tribune.
The plans, which have yet to be finalized, are to redesign the exterior of the center and add club and gathering spaces. The makeover will also improve the seating and sound and lighting equipment, with the hope of attracting more concerts, the Pioneer Press reported.
The deal will keep the Lynx, Timberwolves and AEG at the Target Center until 2032, the Star Tribune reported.
The city had announced a $150 million plan in February 2011, but has since scaled back, according to the Pioneer Press.
The City Council is set to discuss the agreement on Thursday, the Star Tribune reported, and a full vote on the matter is expected on Nov. 12. Construction will take between 18 and 24 months and could start as soon as 2014.
