By of the

The BMO Harris Bradley Center announced on Monday that it has reached agreement with the Milwaukee Bucks on a new, six-year lease through Sept. 30, 2017.

The lease extension, which is backdated to Oct. 1 of last year and was expected, is the longest lease between the center and the franchise in more than 10 years and the first multi-year extension since 2007.

"This six-year lease extension represents a long-term commitment between the BMO Harris Bradley Center and the Bucks, offering security for the next five years as the community continues to determine its potential path to a new arena," said Marc Marotta, BMO Harris Bradley Center board chairman.

The terms of the lease extension are substantially the same as in past years, arena officials said, and will not escalate during the six-year term.

The lease extension is another bit of good news for the aging arena, first opened in 1988. In addition to the lease, business leaders have committed more than $18 million in sponsorships, which include the naming rights for the arena and the four entrances to the building. In addition, new restaurants, new seating options and valet parking have been added, providing new revenue opportunities.

“As an aging building operating amid the rapidly escalating economics of the sports and entertainment industry, the BMO Harris Bradley Center simply would not have been financially stable enough to support a multi-year lease without these key factors,” Marotta said. “While we’re still not quite in the position to meet all of the center's significant fiscal needs, we are getting close. The new lease extension is an important step forward – and there is still more to do to enhance our fiscal position, maintain Mrs. Pettit’s generous community gift and keep the building safe and enjoyable for the next several years.”

Lease financial terms did not change dramatically. The Bucks will continue to receive 27.5% of concession sales and 13.75% of food and beverage sales in the suites, as well as 30% of merchandise sales at Bucks games. Additionally, the Bucks will continue to receive 19% of net suite revenue and a suite revenue share of $2.1 million annually.

The Bucks do not pay rent at the facility.

“This is a good agreement that provides stability for both sides as the community decides its future,” U.S. Sen. Herb Kohl (D-Wis.), the owner of the Bucks, said in a statement. “We are pleased to have this lease in place and put 100% of our focus on an exciting 2012-13 NBA season.”