A long-awaited plan for a new $500 million arena in Milwaukee for the Bucks was unveiled Thursday that includes public financing.
Wisconsin Gov. Scott Walker and city officials announced the details for a new arena that would require up to about $250 million plus interest in funding from the public.
The Bucks have already committed $250 million to the project and would be responsible for cost overruns.
The arena, which would replace the 27-year-old BMO Harris Bradley Center, would be part of an estimated $1 billion development in downtown Milwaukee.
The NBA has said it would buy the Bucks and move the team if a new arena is not in place by October 2017.
“The state, in terms of revenue, benefits immensely by having the Bucks stay here,” Milwaukee Mayor Tom Barrett said.
The Wisconsin state legislature must pass the bill to approve the funding for a plan that Walker, team officials and legislators have been working on for weeks.
Bucks owners Marc Lasry and Wesley Edens, who bought the team in April 2014 from former U.S. Sen. Herb Kohl for $550 million, committed $150 million to funding the new arena and Kohl has pledged $100 million.