The Minneapolis city council today indicated it will sign off on a nearly $100 million renovation of the Target Center.
The council’s committee of the whole voted for the plan to split the cost with its tenants. The city will use hospitality taxes that are now being used to pay off Minneapolis Convention Center debt. The tax proceeds will shift to help pay for the Vikings stadium and Target Center by 2020.
Council member Lisa Goodman praised the plan.
“For the money we are putting in, about $50 million in sales tax revenue, the Timberwolves are almost matching that. AEG, our operator, is adding another $5 or $6 million, and Lifetime Fitness, in an extra bonus, is investing another $5 to $6 million in its facility in this building as well,” Goodman said. “So the public to private leverage, for a public building, is pretty high.”
Council member Cam Gordon said he worries about the impact on city coffers.
“I do have some concerns, just about the cost and the burden this is going to put on the city itself. We’re already obligated to pay for the Target Center, a decision none of us participated in, I believe,” Gordon said. “But years ago, the city took over ownership of it, so its been an expense on us for a long time, and we as a city have carried that burden, while the region and the state have carried the benefits.”
Gordon continued to say the city also benefits from Target Center, and that he thought the renovation was needed.
Plans call for architectural work to be completed this winter and construction to start early next year. The building is expected to remain available for the Timberwolves and Lynx during the renovation.
The city council is expected to give final approval Nov. 12.