MILWAUKEE, Dec. 7, 2010 — Milwaukee World Festival, Inc. today announced 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 Henry Maier Festival Park. The renovation project furthers Milwaukee World Festival, Inc.s focus on quality and the strategic development plan for the world-class festival site.
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 bonds will maximize after-tax income for Wisconsin residents who invest since the interest earned is exempt from both state and federal taxes. Community residents and other interested investors will have the opportunity to purchase state and federal tax-exempt bonds starting the week of December 13th. Investors interested in purchasing the bonds should contact their financial advisor. 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, stated Don Smiley, President and Chief Executive Officer of Milwaukee World Festival, Inc.
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, featuring a variety of food and beverage options 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. The new developments and amenities will not only enhance the Summerfest experience for patrons, but improve the operations and festival grounds for the Ethnic Festivals and others who conduct events at the site.
Summerfest 2011 will take place June 29 July 3 and July 5 10, from Noon until Midnight daily. Summerfest will be closed Monday, July 4. The Worlds Largest Music Festival and Milwaukees cornerstone summer celebration attracts the music industrys hottest stars, emerging talent and local favorites. 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, creating a festival experience like no other. Patrons can also enjoy Miller Lite, the Official Beer of Summerfest.