State moral obligation for Wisconsin Center expansion bonds receives Common Council approval
February 11, 2020
The Wisconsin Center District (WCD) received approval from the Milwaukee Common Council on Tuesday morning certifying the use of state moral obligation to support the proposed Wisconsin Center expansion.
The City of Milwaukee is the sponsoring municipality for the state’s moral obligation on bonds the WCD will issue to finance the convention center expansion. Located at Wisconsin and Vel R. Phillips Avenues, the Wisconsin Center is one of three facilities owned and operated by the WCD, a government body created in 1994, that also operates the UW-Milwaukee Panther Arena and Miller High Life Theatre.
“Receiving the Milwaukee Common Council’s approval is a critical step in the Wisconsin Center expansion project,” said Marty Brooks, CEO of the WCD. “Today, we took a major step forward in building a world-class convention center that will have a tremendous impact on Milwaukee and all of Wisconsin.”
The moral obligation resolution will now be sent to the Wisconsin Department of Administration and Wisconsin Department of Revenue for a final review. The state has 30 days to review the resolution and approve it. The state approved a moral obligation bond with the WCD for the original convention center in 1994. It has never been called on to support unmet debt payments.