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Closing Bell

Bucks Sign Arena Lease, Clearing Final Hurdle To Start Building

The Bucks have signed a 30-year lease for their new arena with the Wisconsin Center District that calls for the team to make annual payments averaging $1.5M and pay "penalties in the hundreds of millions of dollars" if they leave Milwaukee. This was the "largest remaining hurdle to the Bucks starting construction" (BIZJOURNALS.com, 4/13).The team plans to break ground on the arena June 18 and complete it "by summer 2018" (BIZJOURNALS.com, 4/13). 

Lease terms were approved today by the district's board. The project has a "newly revised cost estimate" of $524M, up from $500M, with the Bucks to "cover any construction cost overruns" (JSONLINE.com, 4/13).

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