Mayor R.T. Rybak and Timberwolves owner Glen Taylor would not say how much each entity would pay because the talks had just begun. Rybak said the city, which owns the arena, would not use any city property taxes toward the renovation.
The Target Center is 21 years old and hosts 200 events per year, about 25 percent of which are Wolves games. The arena is the fourth oldest of 30 NBA arenas, ahead of those in Milwaukee, Detroit and Sacramento.
The renovation includes a new main lobby on the corner of First Avenue and Sixth Street with a glass atrium. It would also integrate the arena with Target Plaza outside of Target Field, using another glass lobby on Second Avenue and Sixth Street.
Also, a new restaurant would overlook Target Plaza. A new skyway level would open up new retail opportunities.
Several other interior renovations are included, including the locker rooms, storage areas, concourses, concession stands and food court.
Rybak and Taylor said the renovations will allow Target Center to remain competitive for years to come. Sam W. Grabarski, President and CEO of the Downtown Council and Todd Klingel, President of the Minneapolis Regional Chamber of Commerce, spoke in support of the renovations at a press conference this afternoon.