CHICAGO — The Milwaukee Bucks unveiled plans for a $500 million multi-use downtown arena to house the National Basketball League team and an adjacent $500 million mixed use development as they try to lock in a public financing package.
The team's plan puts the arena and related development at the center of a new sports and entertainment district just north of the team's current home at the BMO Harris Bradley Center. The district would house residential and office space, retail, hotels, parking and other entertainment venues, according to the project's renderings, released Wednesday.
The Bucks want to "create a world-class facility and year-round destination that will help revitalize downtown Milwaukee and spur growth and development throughout the region," said Brad Clark, senior designer at Populous, the design firm hired by the Bucks.
The plans unveiled Wednesday include development of a 17,000-seat arena. The larger entertainment district would be developed over the next decade.
Supporters of the project are hoping release of the plan will help public leaders settle on a package of public funding support. Bucks owners Wes Edens and Marc Lasry have committed $150 million toward the arena's price tag and former owner Herb Kohl, a retired U.S. senator, has pledged $100 million.
Gov. Scott Walker earlier this year announced his support for $220 million in appropriation-backed borrowing to help pay for the stadium. The state borrowing would be repaid with growth in income tax revenues collected on team players and visiting members.
Walker's plan has hit a roadblock among legislative leaders. Assembly Speaker Robin Vos has said the amount is too high and Senate Majority Leader Scott Fitzgerald is pushing an alternative funding scheme that calls for $150 million in bonds that would be purchased by the Board of Commissioners of Public Lands. State funding is expected to be debated as lawmakers begin to tackle the state's next two year budget in the coming weeks.
The city and county were initially expected to come up with at least $25 million each for the stadium although Walker and Vos this week said their commitments should be higher.
Milwaukee Mayor Tom Barrett recently said the city would provide $17 million in infrastructure improvements and contribute land value at $8 million. County Executive Chris Abele has said how the county might contribute to the cost.
"I think there's a clear sentiment from the speaker and the (Senate) majority leader who have pointed out they want to see a strong commitment from the city and the county. We've talked with them and we're hopeful that we'll get there," Walker was quoted as saying in published reports.
