Source: Bucks arena announcement expected Thursday

A funding deal has been reached for a new arena in Milwaukee.

A source very close to the deal confirmed with CBS 58's Bill Walsh that the announcement will take place on Thursday afternoon in Madison.

We'll hear specifics on the estimated $500 million plan, including how much Milwaukee City and County will have to contribute to get it done. Last week, Governor Scott Walker said that officials will not raise any statewide taxes.

Right now, the proposed funding breakdown has the Milwaukee Bucks and private investors funding about half of the cost. $150 million is expected from current Bucks ownership, while an additional $100 million is being given by former owner Herb Kohl. That leaves $250 million in additional funding up in the air.

In the meantime, more Republicans are coming forward confirming what CBS 58 first reported on Monday, that if the Bucks arena plan is put into the budget, they plan on voting no. If three Republicans vote no (assuming all Democrats vote no), the budget would not pass. Some lawmakers say they want the arena plan presented as a separate bill.