FanPost

Target Center Renovation

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This is what the renovated Target Center could look like in the near future.

The Target Center hosts nearly 200 events per year and is the 28th busiest building in the nation. It has also been heavily used for 21 years, and according to Anschutz Entertainment Group (AEG) and the city of Minneapolis, "no longer has the amenities and seating options that can compete with peer facilities. Because it can't generate a competitive level of revenue, it now requires a public subsidy year after year".

In order to restore that competitiveness, renovations to the Target Center have been proposed. The Wolves (who only account for 25% of the facility's events) would obviously prefer to have a brand new facility. Given the tough economic climate and the fact that the public (and political) appetite for a new stadium is less than optimal, however, Glen Taylor and AEG believe that renovations are a more "sensible solution". In their plan, these renovations would help to extend the life of the facility for at least another 20 years.

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The estimated cost of these renovations is $155 million. Compared to other facilities, this is around half of the cost of TCF Bank Stadium, less than one-third of Target Field and less than one-sixth of the proposed Vikings stadium. It is also one-third as much as a new Target Center would cost to build. Timberwolves' Chief Marketing Officer and Sr. VP of Communications Ted Johnson said that, "if you can get twice the lifespan of the arena for half the cost [of a new arena], you would do that deal in a New York minute."

The next step in the process will be for the parties involved to approach the legislature for the necessary funding. The city of Minneapolis and the Wolves have been talking about renovations to the arena for nearly a decade. In 1999, plans were developed but were mostly scrapped. New seats and a new scoreboard were added, but these additions did not address many of the core problems with the building. A number of people at the State Capitol, according to Johnson, are more interested in talking about a global solution for sports facilities in Minnesota instead of one specific stadium. It remains to be seen exactly how and in what method this financing may be procured for the Target Center.

The Target Center does generate a return on investment. According to AEG, for every $1 the state originally contributed to Target Center ($7.3 million), it has received about $16 in state taxes ($120 million). This does not include economic activity from surrounding hotels, restaurants, parking garages, etc., that is stimulated by Target Center. It also generated between $10-$15 million in combined state and local taxes from both in-arena and out-of-arena spending in 2009.

The facility has also received its fair share of financial support, too. $8 million dollars, that is part of a $1 billion bonding bill plan announced by Governor Mark Dayton, will match city money pledged to the Target Center. There are also $50 million in tax increment financing funds that the city is using to keep the facility functional over the next ten years.

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While the Target Center hosts many different types of events, this renovation project would obviously mean significant changes for the Timberwolves. This includes major changes to both the exterior and the interior of the building.

According to proposed blueprints, the entryway would move from its current location to one that faces Target Plaza and Target Field. A glass atrium would be built onto the stadium. The skyway would be opened up. Inside the arena, many different fan amenities would be added. Additional clubs would be added (currently, the Target Center only has one, Club Cambria). Club seating would even be created for upper level sections. A bar in the upper level would overlook part of the arena. All of the concession stands and concourses would be redone. Another restaurant would be added overlooking Target Plaza. Much of the building's player facilities and infrastructure would also be updated.

Ted Johnson stressed that, "we didn't go into this with a plan that 'this is to jack up everyone's ticket prices", but did say that the new stadium renovations will likely have an impact on ticket prices. He did say, however, that the building itself does not generate all of the demand and that the product on the court will ultimately drive ticket pricing.

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Like with all stadium projects, the timeline is up in the air and the completion of this project is dependent upon many factors. It is clear, however, that the Wolves, AEG and other parties involved are intent on bringing the Target Center up-to-date and, as Glen Taylor said, "looking for the environment to be fresher and newer". From a fan's perspective, it would be great to watch the Wolves in a stadium that is more in line with other stadiums across the country.