TARGET CENTER - MINNEAPOLIS, MINNESOTA
IFG was hired to perform a facility assessment study of the 20-year-old Target Center by the City of Minneapolis Community Planning and Economic Development Department in 2010. This study was intended to address multiple aspects of the Target Center, including existing conditions, financial analysis, marketability reviews as well as a complete review of the arena operations.
The assessment study included a facility conditions review that resulted in suggested capital improvements directly benefiting the long-term success of the arena and identifying upgrades to keep the Target Center competitive with newer facilities. These recommendations were prioritized on their ROI and further considered in the 20-year capital expenditures program.
The financial analysis focused on the operating budget and identified opportunities for revenue enhancements, cost reductions, reallocation of resources, new marketability opportunities and other contractual modifications that would benefit the City.
The operational review included recommendations regarding maintenance, guest service, security, crowd management, cleaning and event mix. These recommendations were also compared against industry benchmarks and industry’s current best practices.