April 21, 2016
The NBA’s Milwaukee Bucks has announced a June 18 groundbreaking for its new downtown arena. The $524 million project is slated for completion in summer 2018.
Meanwhile, the Bucks signed a 30-year lease with the Wisconsin Center District. Terms of the lease include annual payments averaging $1.5 million, and huge financial penalties if the Bucks leave Milwaukee.
The new arena is being financed, in part, by Wisconsin taxpayers, who will be paying $250 million. The remaining money will be running through the Wisconsin Center District, which will issue revenue bonds to cover $203 million.