Milwaukee leaders announce arena land sale to Bucks for $1

MILWAUKEE (AP) Milwaukee leaders plan to announce that a chunk of downtown land has been sold to the city's NBA team for $1 as part of the drive to build the Bucks a new arena complex.

County Executive Chris Abele said in a statement Wednesday that the sale will transform a vacant space into a development that will create thousands of jobs and generate millions in revenue.

Related: Wisconsin Gov. Scott Walker signs bill to fund new Bucks arena

The land was appraised at $8.8 million, but Abele's office says that doesn't factor in $8.3 million worth of needed demolition and infrastructure work.

The announcement comes as city leaders consider whether to approve the final piece of a $500 million funding puzzle including public money.

Opponents say wealthy team owners shouldn't receive public subsidies, arguing such funds would be better spent on education or police.