After a few years of dawdling and one year of intense negotiations, it appears the city of Minneapolis and the Minnesota Timberwolves are closer to hammering out an agreement on a $100 million renovation of Target Center.
City and team officials say that they are hoping to have an agreement hammered out by the end of December, reports Twin Cities Business. The city of Minneapolis owns Target Center.
The city is slated to pay about $50 million of the arena’s renovation cost, according to TCB, with the other half coming from the Timberwolves and AEG - the live entertainment company that manages the venue. The Wolves are saying that the team would be contributing a larger share than AEG to the project.
The Vikings stadium deal passed in 2012 allows the city to siphon off some tax revenue to fund the proposed upgrades. Around that time, Minneapolis also approved the project.
In February 2011, the city and Wolves owner Glen Taylor agreed to get going on a $155 million renovation.
Then this past February, NBA commissioner David Stern met with Minneapolis mayor R.T. Rybak, basically saying if the renovation happens, the Wolves and Target Center might get to host an all-star game.
By June, the haggling had begun in earnest between all three parties, including AEG.