Wisconsin Center District and Milwaukee Bucks Finalize Lease Agreement
The Wisconsin Center District and the Milwaukee Bucks signed a lease agreement on Wednesday for a new arena that will keep the team in Wisconsin for the next 30 years.
According to a release by the Bucks, the arena will serve as the centerpiece of a $1 billion dollar development plan.
“This agreement is the realization of a commitment Senator Kohl and our owners made two years ago to Bucks fans and the entire community to keep the team in Wisconsin and help revitalize downtown Milwaukee,” Bucks President Peter Feigin said. “We’re incredibly thankful for all of the hard work that went into this historic public-private partnership from the WCD, elected officials and community leaders. This is just the beginning of our effort and we can’t wait to see the economic impact this will have on our community.”
The new arena will be publicly owned by the Wisconsin Center District and operated by the Milwaukee Bucks.
The Bucks will be responsible for all operating, maintenance and capital repair expenses.
The Bucks have agreed to deposit a cumulative $60 million minimum into a capital improvements fund for the arena over the 30-year term of the lease.
The new Bucks arena was designed by Populous, Eppstein Uhen and HNTB. The team submitted detailed design plans to the city in March and is expected to break ground on the project this summer.