City seeking funds for Target Center renovation
By PATRICK DONNELLY
Feb. 1, 2011
MINNEAPOLIS -- The City of Minneapolis announced plans on Tuesday to seek $155 million to renovate Target Center, which hosts the NBA's Timberwolves and brings roughly 200 events per year to downtown Minneapolis.
Target Center was built in 1990, but just 21 years later all but three NBA teams built new arenas or significantly renovated their existing home facilities. That includes new arenas in Charlotte, Orlando and Miami, the other three expansion franchises that entered the league with the Timberwolves in 1989.
Amenities featured in the proposal include a new lobby, a restaurant overlooking Target Plaza and Target Field, new and improved club seats and a new public bar.
The arena is owned by the City of Minneapolis and Anschutz Entertainment Group, and together they pointed out that the $155 million price tag is about one-third the cost to replace Target Center and the renovation should make the arena viable for at least another 20 years.
Given the tough economic climate and the pressing need to solve the Minnesota Vikings' stadium crisis after the collapse of the Metrodome roof in December, renovation proponents pointed out that the state's return on investment has been nearly 17-to-1 -- $120 million in tax revenues generated from a $7.3 million contribution.