A $47M city spending plan for a new Bucks arena yesterday "won Common Council approval," the final endorsement needed for a $250M public financing package that "includes state and county cash," according to a front-page piece by Tom Daykin of the MILWAUKEE JOURNAL SENTINEL. The council voted 12-3 "to approve the plan." The Bucks also need council approval for the $500M project's design, with that review "likely occurring this fall." The first step "will likely be constructing a new 1,243-space parking structure." The city is paying $35M "to help finance that parking structure, and will split its revenue 50-50 with the Bucks." It will "replace a city-owned 1,000-space parking structure," which will be given to the Bucks. The team "will eventually demolish that structure" and replace it with a "privately financed entertainment center with restaurants, taverns and possible retail space." Milwaukee Mayor Tom Barrett said that the Bucks "hope to begin construction work on the parking structure and arena as soon as possible." Daykin notes the $47M in city funds "will be repaid through property taxes from new nearby commercial developments, including the entertainment center and a Bucks practice facility." Those projects "are in an arena-area tax incremental financing district." Additional funds "will come from property taxes from a tax financing district that includes several newer condos, apartment and other developments" north of downtown. The arena "won't pay property taxes" (MILWAUKEE JOURNAL SENTINEL, 9/23).
TIME IS OF THE ESSENCE: Bucks President Peter Feigin after yesterday afternoon's signing said that the team is holding out hope "to start construction soon and open the new venue" by fall '17. In Milwaukee, Rich Kirchen noted Feigin was asked "whether it is realistic that the Bucks will start construction this fall." Feigin replied, "There’s already been several million dollars put into pre-construction to get this in. We will publicly submit designs, get zoning permits and everything in the next 60 to 90 days and we’ve already started that process." Bucks investor Mike Fascitelli last week said that construction may not start until spring '16, which "would put the project on schedule" for an '18 opening. Feigin: "We’re hoping, on a real accelerated schedule, to get it done for the ‘17 season. That hasn’t changed. The reality is can we do it -- and how difficult it is to actually break ground. There are a lot of different elements to that" (BIZJOURNALS.com, 9/22).
