The Timberwolves will pay $43 million toward the $97M revnovation plan for the Target Center.
The Timberwolves will pay $43 million toward the $97M revnovation plan for the Target Center.
David Sherman/Getty Images

MINNEAPOLIS (AP) -- The Minnesota Timberwolves and the City of Minneapolis have announced a $97 million renovation plan for Target Center.

The long-negotiated plan finally was announced on Tuesday and is scheduled to be voted on for approval by the City Council on Nov. 12. The Timberwolves will pay $43 million toward the project, Minneapolis will contribute $48.5 million and building manager AEG will pay $5.5 million.

The parties first announced plans for a $150 million renovation in February 2011 as part of a bill to get the Minnesota Vikings a new football stadium. The total number dropped in the final plan, but there is an additional $50 million capital expenditure fund to keep the building updated going forward.

The deal also extends the Timberwolves' lease at the arena through 2032.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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