MILWAUKEE -- The Milwaukee Bucks have signed a 30-year lease with the public entity that will own the team's new arena.
The Bucks will pay at least $1 million annually to rent the arena from the Wisconsin Center District. Those lease payments will total $45 million over the term of the lease. The district board approved the terms of the lease agreement Wednesday.
Construction can now begin on the $524 million arena that will be located just north of the Bucks' current home, the BMO Harris Bradley Center. Groundbreaking is set for June 18, with the arena expected to ready for the start of the 2018-19 season.
The arena will also host Marquette University basketball games, concerts and other events.
The team will be responsible for operating, maintenance and capital repair expenses. The agreement called for the Bucks to deposit $60 million into a capital improvements fund for the arena during the term of the lease.
A public financing package approved last year covered $250 million toward arena construction, while current and former Bucks owners have already committed $250 million. The Bucks have agreed to pay for any cost overruns during construction.