The $100 million Target Center renovation is going to cost $30 million more than originally estimated, and tomorrow the Minneapolis City Council will debate covering most of the increase.
The reworked deal leaves the city on the hook for $74 million of the $129 million project, with the Timberwolves kicking in $49 million and AEG, the company running day-to-day operations, putting up $6 million.
In exchange for fronting the most of the dough needed to accommodate "the dramatic increase in the cost of construction over the last few years," the city slices $30 million off of its obligation to pay for future repairs ($50 million to $20 million).
The Timberwolves and AEG also now have to finance their share privately, rather than through the city, and extended their lease another three years, through 2035.
Here's how the new deal compares with the one originally approved in 2013:
City Council Member Lisa Goodman, usually a reliable opponent of using public cash for stadiums, tried to rationalize the deal when speaking with the Star Tribune:
"I don't take lightly the fact that more has to be spent. But it's not worth doing unless we do it right," said Goodman, who chairs the committee that will hear the proposal. "And this isn't the Cadillac plan. But to do the Yugo plan makes no sense to me.... We get one chance at a refresh. And that means you have to do all of the pieces."Remember guys, this will all be worth it when future superstar Andrew Wiggins is leading the ticker-tape championship parade throughout downtown in 2020. Right?
Send news tips to Ben Johnson.