Rodriguez has previously said he's prepared to privately finance a new arena, but that doesn't mean the team won't ask for public subsidies.
It will be a question for city — and maybe state — officials to consider.
There are many ways to subsidize a new arena, from simply making it property tax-exempt, as Minnesota United FC did in St. Paul, to more generous and direct handouts, as we've seen with U.S. Bank Stadium and Target Field.
Didn't the public just help pay for a renovation of Target Center?
Yes! In 2015, the city struck a deal to provide $74 million toward what became a $140 million public-private renovation.
The city — through sales tax revenues — is still paying off debt for that renovation. It owes $53.5 million and will make annual bond payments through 2035.
Wolves CEO Matt Caldwelltold reporters earlier this year that the best-case scenario would have a new arena opening in five years, but he noted that six or seven years is more likely.
If, for example, the new arena opened in 2032, only about $9.1 million in debt would remain.
As part of the renovation deal, the Wolves/Lynx signed a lease through June 2035. If they leave early, there's the potential for a $50 million penalty, but leaving a couple of years early would likely be a small part of a broader negotiation over a likely $1 billion arena deal.
The bottom line: This is all still a long way out, but now is the time to start dreaming.
📪 What would you do with Target Center if the Wolves move? Reply to this email with your best idea.
