RHINELANDER, Wis. (WXPR) — Wisconsin’s Revenue Secretary Richard Chandler is continuing his statewide tour, touting the benefits of supporting a new Milwaukee Bucks arena.
The state Department of Revenue Secretary says not building a new arena for the Milwaukee Bucks will have long term negative affects on the state economy. If a new arena is not built by 2017, the NBA says it will buy the team from the current owners and move the team to another city.
The arena will cost about $500 million as part of a larger economic development project in downtown Milwaukee. $250 million has already been Committed in private funds. The state’s plan is to invest $80 million dollars over 20 years. In an interview last week, Secretary Richard Chandler says the Bucks now pay more than $6 million a year in income taxes. He says the revenue generated by having the team there will more than offset the investment. “If they stay, they will get a big new TV contract. That means players salaries will rise and income tax payments will rise significantly. So over a 20 year period, if they leave, we stand to lose almost $300 million dollars.”
Chandler says people across Wisconsin benefit from the tax revenue generated by the Bucks. He says if the arena isn’t built, while the state saves $80 million, they will lose much more in potential tax revenue for decades.
by Ken Krall, WXPR
