Renovation Deal Quick Hits
$97 million renovation. Minneapolis pays $48.5 million, Timberwolves & Lynx pay $43 million and AEG Facilities pays $5.5 million.
$50 million capital reserve fund.
Enhanced fan experience with additional clubs and gathering spaces, as well as significantly improved traffic flow.
Crucially important upgrades, such as a new loading dock, to draw top attractions.
Owned by the City of Minneapolis.
Operated by Anschutz Entertainment Group (AEG) Facilities division.
The Minnesota Timberwolves and Lynx are tenants of Target Center.
75% of all events at Target Center are something other than Timberwolves games.
70% of ticket buyers are from outside Minneapolis. Note: Many of the tickets from Minneapolis are sold to Minneapolis-based businesses who then share tickets with employees and customers living outside Minneapolis
87% of ticket buyers come from Minnesota and 13% come from outside Minnesota..
6th busiest building in U.S. 17th busiest in the world.
Nearly 200 large-crowd events per year.
Approximately 1 million visitors per year.
Minnesotans from all 87 counties, and nearly every zip code, attend events at Target Center.
$97 million for renovation and a $50 million capital fund instead of $480+ million for a new arena.
If you add the renovation costs to the original costs, the taxpayers of Minnesota will get 40+ years from Target Center for approximately $200 million – a bargain of less than 1/2 the cost of a new state-of-the-art arena.
It only makes sense in these difficult economic times to take a sustainable approach and make use of the existing building and infrastructure to keep costs reasonable.
850 jobs during construction.
Approximately 37% of the construction costs will go to labor.
95% of the construction costs will go to Minnesotans.
Target Center supports 1,000+ local jobs with millions in annual earnings.
Target Center also currently employs 200 Full-time and 700 Part-time people.
More than $100 million dollars every year in our local economy that would not exist without Target Center.