Milwaukee World Festival, Inc. owners of the Milwaukee Summerfest, today (Dec. 7) announces a $25 million revenue bond offering, the proceeds of which will help finance a two-year, two-phased renovation project slated for 22-acres at the south end of Milwaukee's Henry Maier Festival Park.
The new Summerfest bonds will be issued through the Redevelopment Authority of the City of Milwaukee and will have a maturity of 20 years. The bonds will be rated and sold in increments of $5,000. The opportunity to purchase state and federal tax-exempt bonds begins Dec. 13. Robert W. Baird & Co. is serving as underwriter of the offering.
"We are thrilled to be moving forward with this renovation project. It underscores our commitment to quality, our community and the future of Summerfest. As the largest renovation project in the forty-three year history of Summerfest, this initiative will create a world-class festival site and experience for people to enjoy for decades to come," says Don Smiley, President and Chief Executive Officer of Milwaukee World Festival, Inc., in the statement.
The first phase of the construction plan calls for: a new Briggs & Stratton Big Backyard area with a capacity of approximately 7,000 attendees; a new two-story structure, offering concessions at ground level with a tiered and covered viewing deck on the second floor; a new South Gate and Box Office, walkways, merchandise areas, restrooms, beverage stands and other features on the south end of Henry Maier Festival Park, all to be completed by the 2011 festival season. The second phase will commence after the 2011 season and include another major stage area, new food and beverage offerings, restrooms and amenities that celebrate and incorporate the waterfront. The second phase of the plan is slated to be completed by the 2012 festival season, in time for the 45th Anniversary of Summerfest.
Summerfest 2011 will take place June 29 - July 3 and July 5 - 10. The Marcus Amphitheater and 10 additional stages, along with a diverse selection of food and beverage vendors, marketplaces and interactive exhibits, are set against the Lake Michigan and downtown backdrops. Among 2010 performers were Tom Petty & the Heartbreakers, ZZ Top, Cage the Elephant, Skillet, Uriah Heep and Gavin DeGraw.
Miller Lite is the official beer of Summerfest.