Summerfest Issues Bonds

Milwaukee World Festival, the parent company of the Milwaukee Summerfest, announced a $25 million revenue bond to finance renovations at the south end of Henry Maier Festival Park, home to the summer music extravaganza.

Proceeds from the bond are expected to finance a two-year, two-phase project slated for 22 acres. The first phase includes a new 7,000-capacity Big Backyard area, a two-story structure featuring F&B, a new south gate and box office, walkways, merch areas, restrooms and beverage stands. The phase is expected to be completed by the time doors open for Summerfest June 29.

The second phase, commencing after the festival wraps July 10, includes another main stage area (the festival features 23,000-capacity Marcus Amphitheatre plus 10 other stages), new food and beverage, restrooms and “amenities that celebrate and incorporate the waterfront,” according to a statement.

The bonds, rated and sold in increments of $5,000, will be issued through the Redevelopment Authority of the city of Milwaukee and have a maturity of 20 years.

Community residents and interested investors can purchase the bonds starting Dec. 13.