A major renovation of Minneapolis's 20-year-old Target Center is apparently on tap.

Officials from the Minnesota Timberwolves, city of Minneapolis and AEG, the arena's management company, are set to make a major announcement at 1 p.m. Tuesday about reviving the building, which was originally built by former Wolves owners Marv Wolfenson and Harvey Ratner, and then bought by the city of Minneapolis.

Mayor R.T. Rybak and City Council President Barbara Johnson are expected to join Minnesota Timberwolves owner Glen Taylor in what a city release promised will be a "sensible, sustainable Minnesota solution for renovating Target Center. The proposed renovation will cost considerably less than replacing the existing facility and will extend its life another two decades."

The news conference comes as legislators at the state Capitol await a Vikings stadium plan and as officials from the city of St. Paul and Minnesota Wild hockey team ponder how to reduce the debt on the Xcel Energy Center. The sports facilities debate will thus be kicked off with the Target Center announcement.

More Tuesday afternoon.