One of the oldest buildings in the NBA is about to embark on a much-needed and long-negotiated face-lift.

The Minnesota Timberwolves and the city of Minneapolis announced on Monday that a preliminary agreement has been reached for a $97 million renovation plan for Target Center. The plan will redesign the outdated exterior, improve amenities in the arena and spruce things up for the players behind the scenes as well at the 23-year-old arena.

The plan is scheduled to be voted on for approval by the City Council on Nov. 12. The Timberwolves will pay $43 million toward the project, Minneapolis will contribute $48.5 million and building manager AEG will pay $5.5 million. As part of the deal, the Timberwolves will extend their lease at Target Center through 2032, strengthening the franchise’s long-term future in the Twin Cities.

With taxpayers helping to pay for new stadiums for the Vikings, Twins and University of Minnesota football team in the last decade or so, the Timberwolves knew there was little patience and even less financial flexibility to get a new arena of their own. So they set out to devise a plan to update Target Center and make it viable and competitive across an NBA landscape that has seen shimmering new arenas sprout up across the league in recent seasons.

Wizards cut three

The Washington Wizards have waived the three players acquired with Marcin Gortat in last week’s trade with the Phoenix Suns.

The Wizards announced Monday that they have cut ties with guards Shannon Brown, Malcolm Lee and Kendall Marshall.

The moves were expected. Marshall, Brown and Lee were included in the trade so that it would work financially under NBA rules.

The Wizards received center Gortat and the three players in exchange for injured center Emeka Okafor and a protected first-round draft pick.

Knicks contract

The New York Knicks have exercised their fourth-year option on guard Iman Shumpert’s contract.

Shumpert averaged 6.8 points and 3.0 rebounds in 45 games, all starts, last season after returning from torn knee ligaments.

Shumpert was the No. 17 pick in the 2011 draft and was a first-team, All-Rookie selection. He will earn about $2.6 million in the 2014-15 season.

Grizzlies’ Davis fined

The NBA has fined Memphis Grizzlies forward Ed Davis $15,000 for making excessive and unnecessary contact with Houston Rockets forward Donatas Motiejunas.

Davis was given a flagrant foul 2 and ejected for the incident, which occurred with 8:42 remaining on Friday.