Posts tagged with "public financing":
The development would include a 700,000-square-foot, 17,000-seat arena; a 60,000-square-foot public plaza, anticipated as a sort of live entertainment space on what is largely a city-owned parking ramp at the corner of N. 4th St. and W. Highland Ave.; and arena parking across the street in the Park East area. Total amount of space just for that portion of the development: 1 million square feet.The new stadium would occupy a site between Fourth Street and Sixth Street from State Street to McKinley Avenue, at the heart of a growing entertainment district north of the team's present home, the BMO Harris Bradley Center. That arena, which opened in 1988, would be demolished to make room for either a hotel, commercial space, or new offices. In a press release the Bucks' management said the new arena “will seamlessly link with active development on all sides, including Old World Third Street, Schlitz Park, The Brewery, the Milwaukee riverfront, Water Street and the Wisconsin Center.” But those plans float on unsettled budget negotiations that include up to a quarter of a billion dollars in public financing. Gov. Scott Walker initially promised $250 million in state bond money, but some members of the state legislature have balked at the amount. Milwaukee Mayor Tom Barrett supports the plan, offering $25 million in city support, including $17 million in infrastructure improvements on and around the proposed new arena site.
Another surprise, sources familiar with the Bucks' plans said, is the Bucks' intention to build a state-of-the-art practice facility as soon as possible on Park East land just east of The Brewery development. The Bucks' practice facility is in leased space at the Archbishop Cousins Center in St. Francis; the team would have to buy out the lease.
“Jock tax” could fund new stadiums for Milwaukee Bucks; Populous, HNTB, Eppstein Uhen shortlisted to design
Under what Walker called a "first-of-its-kind" plan, the more than $6.5 million that's collected from taxes on the salaries of the Bucks and visiting NBA players would continue to go to the state's general fund. Walker said that figure is expected to grow due to rising salaries and revenue from the NBA's TV contracts, so any money above $6.5 million would be used to pay off the bond by 2046.Representatives for the team have said they hope to have a plan for a new home in place within the next month. Should the project go forward (with funding from state bonds or without), the Milwaukee Journal-Sentinel's critic Mary Louise Schumacher calls for thoughtful design: "Nothing will define the project — and its impact on Milwaukee — like the design."