The plan will be voted on by the City Council (for approval) on November 12th. The Wolves will play $43million, the city of Minneapolis will contribute $48.5million and the building manager (AEG) will pay $5.5million. It also extends the Timberwolves' lease in the arena through 2032. Looks as though the Timberwolves are here to stay.
TWolves Owner Glen Taylor said he'd have liked a new arena, but he understands that this was the best approach and made the most (common) sense. Understandable considering the Minnesota Golden Gophers Football team got a new stadium (TCF Bank Field) and the Minnesota Vikings will be getting a new football stadium adjacent to the Metrodome.
The initial plan was a renovation that would've cost $150million. That proposal was back in February of 2011. That number came down by over $50million, but it sounds as though the deal will go through and the much needed renovations should come to fruition.
The design work should begin this winter with construction (tentatively) scheduled for spring. Both the Timberwolves and the Lynx will continue to play in the building while construction gets underway.
The players will benefit the most from this overhaul. According to reports, the Target Center has some of the smallest locker rooms in the League, an incredibly small weight room and only one practice court. The Wolves are also looking at adding a practice facility and office space in a mostly empty lot across the street (known as Block E).
That's all for now, thanks for reading HOWL and GO WOLVES!