The Minneapolis City Council approved an agreement with the Minnesota Timberwolves and Lynx on Tuesday to renovate one of the NBA’s oldest venues, the 23-year-old Target Center.
The cost for the renovation will be $97 million for the city-owned Target Center and that includes a redesign of the outdated exterior, additional clubs and gathering spaces, as well as improved traffic flow.
The Timberwolves and Lynx will pay $43 million toward the project. The city of Minneapolis will pay $48.5 million and building manager Anschutz Entertainment Group (AEG) Facilities will pay $5.5 million. As part of the deal, the Timberwolves will extend their lease at Target Center through 2032.
The design of the building be drawn up this winter and construction is expected to begin after the 2013-14 Timberwolves season.