Common Council approves Bucks arena funding package, but one issue hasn't yet been finalized
MILWAUKEE -- The plan for a new Milwaukee Bucks arena in downtown Milwaukee is officially a go. The Milwaukee Common Council on Tuesday, September 22nd approved a $47 million Bucks arena funding package on a 12-3 vote. But there were some late changes to the agreement -- and part of the plan hasn't yet been finalized.
Mayor Barrett signs Bucks arena funding plan
Around 1:15 p.m., Milwaukee Mayor Tom Barrett, members of the Common Council, Bucks President Peter Feigin and other dignitaries gathered to watch Barrett sign the $47 million deal.
Bucks officials say they've become builders after political victories in Madison and now Milwaukee.
The $47 million includes money for a new parking garage and public plaza near the new Milwaukee Bucks arena.
The city's share in the Bucks funding package is $47 million, out of the $250 million in public money going towards the new arena.
Under the agreement, current and former Bucks owners will pay $250 million toward the $500 million cost of the arena. While the taxpayers’ sticker prices is $250 million, the actual cost is closer to $400 million when you factor in interest: $80 million each from the state and Milwaukee County, $47 million from the city and $200 million from the Wisconsin Center District.
Bucks arena funding plan
The agreement is signed, but there are some issues that remain. One of the controversies still looming involves 4th Street -- and whether part of the street should be closed to traffic during games, or permanently, to become part of a public plaza near the arena.
Aldermen rejected a plan to hand over a portion of 4th Street to the Bucks to create a pedestrian walkway. That issue has been tabled for now, and was not part of Tuesday's vote.
4th Street
Under the original plan, the city would give up a block of 4th Street (between Highland and Juneau), and it would become part of a public plaza next to the new arena. But Milwaukee's The Zoning, Neighborhoods and Development Committee voted last week to keep the street open -- a decision that has disappointed Bucks officials.
Again -- this issue hasn't yet been finalized.
Some city leaders say they want to make sure 4th Street is active, even when there isn't a Bucks game or event at the arena.
4th Street
"I don't want a situation where you can go bowling out there. I want a situation where there are tons of people shopping, interacting, socializing," Michael Murphy, Common Council president said.
"We'll be looking closely at the design because the only way this ever woks out for us is if we get other development," Alderman Nik Kovac said.
Another issue recently agreed to: Who gets revenue from naming rights on the new parking structure? The compromise? The city and Bucks will split the money, and the city's share will be given to the organization "Common Ground," and used for playgrounds.
Additionally, the agreement calls for 25 percent of the sports and entertainment district's new retail to be locally-owned.
The committee also passed a motion that called for 40 percent of the initial construction labor to be city residents -- with an emphasis on unemployed or under-employed residents.
While it's clearly difficult to make everyone happy with such a large project, Bucks officials are turning from the political arena and now focusing on the building phase.
The Bucks have said they continue targeting a construction start before year-end but face several more hurdles before work can start, including negotiating a lease and development agreement with the Wisconsin Center District.