The Bucks and officials from the city of Milwaukee and the state of Wisconsin have finally announced the details of their plan to build a new arena in the coming years. After years of disagreements about the level of public finding, Wisconsin Gov. Scott Walker unveiled a plan that would cap public money at $250 million.
Here are the details, via TMJ4 in Milwaukee:
It would cost about $250 million plus interest to the public sector. The Bucks would pay for cost overruns.
“The state, in terms of revenue, benefits immensely by having the Bucks stay here,” added Milwaukee Mayor Tom Barrett.
The plan would be part of a reported $1 billion development in a district including the current location of the BMO Harris Bradley Center, the Park East area and neighboring blocks.
Walker spoke earlier Thursday about the need for an agreement to keep the team in Milwaukee and avoid an NBA-mandated sale of the team if there’s not an arena by October 2017.
Now, the state legislature has to pass the bill and approve the funding. This process could drag out longer, But having a concrete plan in place is a start.