POSTED: Oct 28, 2013 1:31 PM ET
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 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.