The Target Center is a proven economic asset.
Target Center is a municipally-owned community asset that has been heavily used for 23 years. It is the 22nd busiest building in the nation, and 51st busiest in the world. It hosts about 200 events annually, and has 1 million visitors pass through its gates per year. It regularly attracts people from all 87 Minnesota counties and the entire upper Midwest region for a variety of performances. These events include concerts, family shows and other sporting events like hockey, ice skating and gymnastics, as well as Timberwolves and Lynx games. Additionally, Target Center hosts a variety of Minnesota State High School League tournaments.
The sensible approach: Renovation.
A $97 million renovation of Target Center and a $50 million capital fund will rejuvenate the building and restore its competitiveness. It will also preserve the value of recent investments, such as the green roof, seating and amenity enhancements, and scoreboard improvements. Given that a new state-of-the-art arena would have cost around $500 million, this renovation delivers tremendous value.
At one-fifth the cost of a replacement facility, the renovation will dramatically enhance the fan experience, with additional clubs and gathering spaces, as well as significantly improved traffic flow. It also will deliver less visible, yet crucially important upgrades, such as a new loading dock, which is essential for drawing the top attractions.
Target Center generates in excess of $100 million in incremental economic activity each and every year. That’s $100 million that would not be spent in our community without Target Center. With 70%+ of all visitors coming from outside Minneapolis, Target Center generates between $10-$15 million dollars in state and local taxes annually.
Jobs, jobs, jobs.
At a time when construction workers need a boost, this renovation will create about 850 jobs for construction workers. And for decades to come, the renovated Target Center will continue to support 200 full time and 700 part time Target Center employees, as well as over 1,000 jobs in nearby restaurants, bars, hotels, stores, attractions, and parking lots.
With a proven location and strong surrounding infrastructure, common sense dictates that we maintain this valuable statewide asset. To serve regional entertainment demand, a rejuvenated Target Center will continue to attract top acts from around the country, ensuring Minnesota’s entertainment sector remains competitive now and into the future.