MADISON — While no one will say a financing plan to pay for a new downtown arena for the Milwaukee Bucks is done, FOX6 News is learning new details about that plan.
A source tells FOX6 News the state's contribution is $80 million -- $55 million in principal, the rest in interest. The source also confirms the money will be paid over a 20-year period at $4 million a year.
The $80 million is significantly less than other proposals that had the state paying between $150 million and $220 million.
FOX6's news partners at Newstalk 1130 say the city and county would just about match the $80 million amount.
The rest of the project would be paid for by the Bucks' current and former owners, who have pledged $250 million.
Rep. John Nygren said Wednesday there's general agreement on a financing deal for the $500 million arena, but "I don't think we're there yet."
Nygren is co-chairman of the Legislature's budget-writing Joint Finance Committee. He and other lawmakers, along with Milwaukee officials and leaders of the NBA team, have been trying to reach a deal by the end of the week so it can be included in the state budget.
Without a new stadium by 2017, the NBA has said it will buy back the team and relocate it.