Scott Walker on Wednesday signed into law the plan to raise $250 million in public money to build a downtown arena for the Milwaukee Bucks and puts the project on track for a fall groundbreaking.
Advertisement
Gov. Scott Walker signs the Bucks financing deal. Finally, a small ticket surcharge will be paid by patrons of the Bucks which will generate almost $500,000 to the state’s general fund.
This artist’s rendering provided by Populous, HNTB Corporation and Eppstein Uhen Architects, shows a proposed new arena for the Milwaukee Bucks NBA basketball.
Overall, I fundamentally support fiscally prudent legislation such as Senate Bill 209, which protects Wisconsin taxpayers, makes wise investments in our future, helps to grow our recovering economy and provides for new job growth opportunities.
The league’s warning came despite Milwaukee’s current arena, the 18,000-seat BMO Harris Bradley Center, receiving $3 million in renovations a few years ago, which included suite upgrades, a new hospitality bar and new theater-style seating sections. “This is just a good example where people came together from many places around Wisconsin”.
Had the Bucks left, Walker said, the state would be out at least $6.5 million a year in income taxes that National Basketball Association players and staff now pay. The Milwaukee Bucks owners have pledged $150 million for the arena project, and former owner Herb Kohl has promised $100 million. Over 20 years, Walker said that would have grown by another $169 million.
The news publication said on Wednesday that state, city and county residents are ultimately expecting $400 million in costs when accounting for $174 million in interest over the next two decades.
Walker told reporters after the bill signing that he wasn’t anxious about criticism from conservative groups, like Americans for Prosperity, that have called the Bucks arena deal a bad one for taxpayers.
Advertisement
“I think as they learn – they do learn it towards the end of their career”.
