Council to cast crucial vote on Bucks arena financing

Early Tuesday morning, the Milwaukee Common Council approved the city’s portion regarding the proposed new Milwaukee Bucks arena package in a 12-3 vote in what was the final hurdle in securing the funding for the proposed project.

The Milwaukee Bucks plan on making the Eastern Conference playoffs for the second season in a row, and that task will be much easier if a healthy Jabari Parker takes the floor with his talented teammates, which is expected to happen when Milwaukee opens camp September 29.

The state and Milwaukee County have already approved their part of the $250 million in public financing. Now it’s time to get to work creating jobs and building a better Milwaukee – not just for the Bucks, but for all citizens of this great state.

It will replace a city-owned 1,000-space parking structure, which will be given to the Bucks. The team eventually will demolish that structure, valued at $7.4 million, and replace it with a privately financed entertainment center with restaurants, taverns and possible retail space. The city is paying $30 million to help finance that parking structure and will split its revenue 50-50 with the Bucks.

Under the current plan, the street would be closed and turned into a pedestrian plaza. Robert Bauman. But a compromise was reached that would allow the city to reopen the street if the Bucks did not successfully operate the public plaza.

The Bucks owners say they intend to build $500 million in mixed-use ancillary development around the arena.

“There isn’t the purchasing power in this community to support all of this”, he said.

“Our keeping the basic right of way under our control gives us options moving forward, and I think the city should be interested in options, rather than willy-nilly throwing it away for nothing”, Milwaukee Alderman Bob Bauman said.