Skip to main content

'All options on table' to fund Target Center renovation budget gap

  • Author:
  • Updated:

The cost for renovating the home of Minnesota's professional basketball teams has shot up and now the question is who will foot the bill.

The Minneapolis-St. Paul Business Journal says the cost for renovating the Target Center may increase by $11 million – that's on top of the original $97 million price tag.

Rising construction costs and other delays have caused "the buying power of that money [to evaporate]," MPR News notes.

Now the three groups funding the renovations – the Timberwolves and Lynx, the City of Minneapolis and the arena operator AEG – have to decide on how to fill the budget gap.

MPR News says the question is now whether the project will be scaled back or if the parties behind the renovation will look for more public funding.

"The design group is meeting regularly with our consultants to consider solutions," Kevin Carpenter, Minneapolis' chief financial officer and member of the committee, told the Business Journal. "[The] outcome will be a collective decision with all options on table."

The growing cost of construction, including rising steel prices, has also affected the cost of the Minnesota Vikings' new stadium. In August, the team kicked in additional money so it didn't have to scrap certain features to cut costs, ESPN reports. The team has contributed nearly $50 million more since the $975 million stadium budget was approved.

The price tag for the stadium now tops $1 billion. Earlier this month, the Minnesota Sports Facilities Authority in charge of the stadium's construction announced its 23 percent complete.

Next Up

Brave New Comedy Workshop in downtown Minneapolis.

Brave New Workshop cancels shows due to COVID-19 cases

The shows were scheduled for Friday and Saturday at the Brave New Workshop Comedy Theatre.

Austin Retterath

Body of missing U of M student found in Mississippi River

Austin Retterath was last seen alive in the morning hours of May 8.

"Love" mural seen in St. Paul.

Summer mural events to bring together community, shine light on MN artists

The 2022 Chroma Zone Mural & Art Festival will take place this weekend in St. Paul's Creative Enterprise Zone, with ensuing events happening this summer.


Gallery: Remodeled lakeside home in Prior Lake on market for $2.8M

It offers privacy at the end of a dead-end road fronting onto Lower Prior Lake.

golden valley police department

Carjacking outside ice arena in Golden Valley under investigation

Golden Valley PD confirmed it received a report of a carjacking Monday evening.


Signs that MN Legislature could move to loosen liquor laws

A provision was approved by a legislature committee on Thursday but still awaits a final decision from the House and Senate.

US Bank Stadium

U.S. Bank Stadium looking to hire 400 part-time workers

A hiring fair will be held for the positions.

Screen Shot 2022-05-20 at 8.55.56 AM

Officials looking for man last seen leaving Hudson home

David Mckay, 67, was last seen in Hudson Thursday morning.


'Hyper-contagious' BA.4, BA.5 COVID variants confirmed in MN

Omicron continues to evolve into a more transmissible virus.

covid-19, coronavirus

Minnesota's COVID-19 update for Friday, May 20

The latest data shows there are 442 people with COVID hospitalized in Minnesota.