AUSTIN, Texas - UT-Austin taking the first step toward building a new on-campus basketball arena.

The university is soliciting interest from potential developers to build and run the arena. UT intends the new arena to be part of a public-private partnership so that the location will host UT basketball games, concerts and other events.

UT is looking for developers that have experience with basketball arenas, have worked with other universities and are willing to pay for most of the building. UT officials said the school's financial contribution will be minimal, and it won't cost taxpayers a dime.

The school has already chosen two possible locations for the new arena: a parking lot south of Mike A. Myers Stadium or where the Recreational Sports Center and Steve Hicks School of Social Work is currently located.

The new arena will replace the Frank Erwin Center, which is 40 years old.