Dive Brief:

• Milwaukee Mayor Tom Barrett signed a deal Tuesday that will provide $47 million of city funds toward building the new Milwaukee Bucks arena, clearing the way for construction to begin as soon as the end of the year.
• The $500-million basketball arena project, financed with an even split of public and private funds , includes an entertainment plaza, parking garage and practice facility, with approximately $400 million of ancillary development expected around the arena, according to the Bucks.
• The Milwaukee Common Council approved the $47 million piece of funding after the NBA team agreed to a 40% city-resident hiring requirement for the completed arena and associated facilities.

Dive Insight:

The Bucks team president Peter Feigin said he anticipates the new arena will open by fall 2017, but this depends on construction starting before the end of the year.

Feigin said the Bucks development team has already spent millions on pre-construction costs and will submit plans and apply for permits in the next 60 to 90 days.

Barrett said he expects the new arena to fuel economic expansion in the area and defends the city's decision to fund the deal.

"I will go to any neighborhood in the city and defend this because it is good for economic development, and it is certainly good for jobs creation," Barrett said.