Target Center Improvements In Works

Renovations will include updates to the arena’s exterior to help it fit in with the surrounding neighborhood, new clubs and gathering spaces in the building, premium seating, and new loading docks, lighting and sound equipment, the team announced in a statement.

“The new Target Center will be stunning. I am thrilled that Timberwolves and Lynx fans will soon have a first class experience when they come to our games,” said Timberwolves owner Glen Taylor. “This is a fair and sensible solution. Target Center has a perfect location and good bones, so we’re excited about building something truly special on that strong foundation.”

As basketball games apparently make up one-third of the arena’s events, the team was to pay one third of renovation costs.

Instead, the new agreement will see the Timberwolves coughing up nearly 50 percent of the cost – $43 million – while the city will contribute $48.5 million and AEG will pay $5.5 million toward the revamp.

The city has also agreed to maintain a $50 million capital expenditure fund under the terms of the arrangement to help keep the facility fresh, the statement noted.