Target Field is the Twins/Senators sixth ballpark, and the franchise's third in Minnesota. The Twins had played 28 seasons at the Hubert H. Humphrey Metrodome, and before that 21 seasons at Metropolitan Stadium. The Twins shared both facilities with the Minnesota Vikings, and the Metrodome with the University of Minnesota Golden Gophers football team.

The final budget for construction was $435 million, of which $175 million was paid by the Twins and $260 million was paid by Hennepin County by way of a 0.15% county-wide sales tax. An additional $120 million in infrastructure costs were split between the county ($90 million), the team ($20 million), Target Corporation ($4.5 million), the Minnesota Department of Transportation ($3.5 million) and the Minnesota Ballpark Authority ($2 million) bringing the project's total cost to US$555 million.

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