Racine, WI is continuing to discuss the possibility of building a new arena, and recently unveiled some more details on the proposal.
During a meeting on Monday, city officials discussed a study from SB Friedman, detailing some aspects of a proposed arena in downtown Racine that would be constructed of part of a development project that includes a new hotel. Several steps beyond this presentation will need to be completed, as the report suggests that officials allocate $500,000 to $600,000 to hire an owner’s representative to help determine some aspects of the proposal, including a firmer cost estimate.
Racine was at one point pitching this concept as part of plan to attract a Milwaukee Bucks-owned franchise in the NBA Development League. That option is not on the table, as the Bucks recently announced that that their D-League team will play in Oshkosh, WI. However, Racine mayor John Dickert indicated after the Bucks’ decision that the city would continue to consider the arena.
During Monday’s meeting, city development director Amy Connolly explained that there are still some funding questions relating to the project, which could could cost more than $40 million. More from The Journal Times:
“Our financial partners that we had been discussing this development with had become noncommittal,” Connolly said.
Connolly later confirmed that no funding outside of city revenue streams has been secured at this time. [SB Friedman’s Geoff] Dickinson said the funding will come from tax increment financing as well as intergovernmental funds.
Connolly added that once the city develops a design plan and gets a more accurate financial estimate, more outside funding could be sought.
“After that, we could get those other partners to offset the cost of construction,” she said.
Racine has been tied to hockey as well, as Minnesota Wild owner Craig Leipold has previously expressed interest in placing a USHL team at the venue if it is constructed. The proposal is slated to considered a meeting next week that will include the Racine City Council and the Redevelopment Authority.