The Bucks’ owners would contribute $150 million and former owner Herb Kohl would contribute $100 million. The final cost of the stadium is likely to be even greater, with the Milwaukee Journal-Sentinel pegging it at 0 million after interest.
Republicans have crafted a bill that would devote $250 million to the $500 million project through a mix of state and local tax dollars over the next 20 years. The complicated changes were sought by City of Milwaukee officials to address problems in the city. Instead, a $2 ticket surcharge was added.
The arguments put forward by arena advocates: we lose the Bucks, we lose the revenues the team also provides; and a new arena could help economic development in a run-down, underused part of downtown Milwaukee. It will be covered through reduced shared revenue payments from the state.
The center district operates the Wisconsin Center convention facility, Milwaukee Theatre and University of Wisconsin-Milwaukee Panther Arena.
A talented Bucks roster may have a new arena to showcase its talent soon.
On the other hand, multiple senators from both parties were opposed to the arena funding proposal with seven Democrats and three Republicans voting no.
But in order to get the votes needed to pass the arena funding plan, it took some serious bipartisanship – something we haven’t seen a lot of in recent years at the Capitol.
“This is the first major step”, he said. The Bucks have opposed the surcharge.
A spokesman for Milwaukee County Executive Chris Abele didn’t immediately return voicemail and email messages seeking comment.
Larson has called that proposal “heartless”, saying the arena shouldn’t be built on the backs of people struggling to pay their debts. “It is nothing short of a capitulation by the state”, Nass said in a statement.
Barrett said he might be able to support handing over his share of the debt, but “the devil is in the details”. Walker has said keeping the books in Wisconsin is essential. GOP leaders controls the Senate 19-14 but didn’t have enough support to get to 17 votes, forcing them to ask minority Democrats to join them.
With a 63-36 majority, Republicans in the Assembly have gotten everything they’ve wanted.
The state Assembly will take up the issue this week.