CHICAGO — A new bond authority created to build and own a new arena in Lincoln, Neb., will competitively price $100 million of taxable Build America Bonds on Tuesday.

The transaction marks the first borrowing for the $344 million arena project, of which roughly $320 million will be publicly financed. A tax increase targeting the city's bars, restaurants, hotels, and car rentals would back a big chunk of the debt financing the new development.

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