Bucks' new $500 millon arena plan passes Wisconsin Senate

NBA Basketball

A young and talented Bucks roster may have a new arena to call home soon.

Wisconsin senators voted 21-10 on Wednesday to advance legislation on a bill that would create $250 million in public subsidies to help fund a new Milwaukee arena. The other half of the $500 million arena will be paid for by team

ownership and an investment from former team owner Herb Kohl. 

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The bill will now advance to the state assembly for its consideration, but may receive opposition from certain state, city and county residents, who would pay $400 million when accounting for interest over 20 years, the Milwaukee Journal Sentinel reported. 

Last week, Bucks President Peter Feigin warned the Wisconsin Legislature's Joint Finance Committee that the league would buy the team and move it to Las Vegas or Seattle if the state failed to commit public fund money to the project to ensure that construction begins this fall. Feigin has said the league wants the new arena ready for the Bucks by the 2017-18 season.

The 700,000-square-foot, 17,000-seat arena would replace the BMO Harris Bradley Center, which opened in 1988 and is the NBA's second-oldest, non-renovated arena. 

The new arena, which would be built just north of the Bradley Center, would be part of a $1 billion plan that includes another $500 million to develop an entertainment district in the Park East corridor of downtown Milwaukee.

The Bucks released a statement Wednesday night bey Feigin thanking the senate.

"Today's vote is a significant step forward in our collective effort to build a new sports and entertainment district in Wisconsin," Feigin said. "We appreciate the bipartisan leadership in Madison for bringing this transformative partnership one step closer to reality.

"We're optimistic that this financing package will receive support in the Assembly and look forward to working with state, county and city officials."