A Minneapolis City Council committee is expected to vote Tuesday on the final design, contractor costs and budget for the $129 million Target Center renovation project.
The city, which owns the building, will pay $74.5 million for the overhaul. The Minnesota Timberwolves and operator AEG will pay the balance.
Contractors M.A. Mortenson and Thor Construction have agreed to a guaranteed maximum price (GMP) of $102.8 million. A GMP differs from the total project cost as it is a type of contract that establishes a cost ceiling for the work specifically performed by Mortenson and Thor. The legal agreement requires that any cost overruns above the GMP must be paid by the contractor.
The project was originally slated to begin in the summer of 2014, but has been been delayed several times. If approved, work will begin this summer and is expected to be done late 2017.
