The sixth-oldest arena in use by the NBA is about to get a facelift.
In a joint announcement Monday, the city of Minneapolis, the Minnesota Timberwolves and building manager Anschutz Entertainment Group revealed a $97 million renovation plan for the Target Center.
The building, which houses the reigning WNBA champion Minnesota Lynx as well as the Timberwolves, opened in 1990.
The restoration will be paid for my $48.5 million from the city, $43 million from the Timberwolves and $5.5 million from AEG. Minneapolis' portion still must be approved by the city council.
The NBA team's lease will now run through 2032.
"The Timberwolves and Lynx have been great partners with the city," Minneapolis Mayor R.T. Rybak said. "They are drivers in making Minneapolis one of the premiere entertainment destinations in the world. Target Center has been a huge economic development engine for Minneapolis. The renovation will not only refuel it to keep it roaring, but will also add some horse power."
Timberwolves and Lynx owner Glen Taylor said, "We have some of the greatest fans in the world. It is time the quality of the building matched the quality of our fans."