MILWAUKEE (WSAU-Wheeler News) Taxpayers would cover about half the cost of a new Milwaukee Bucks arena under the latest financing package that’s said to be in the final stages of negotiation. All sides are reportedly hustling to get the plan set by tomorrow so the Joint Finance Committee could put it into its version of the new state budget.
The Milwaukee Journal Sentinel says the state would cover at least $100-million of the half-billion-dollar arena. That includes bonding with a 20-year payback period of $4-million a year for principal and interest. The state would also pay off $20-million that’s still owed for the Bucks’ current home at the BMO Harris Bradley Center. In addition, the state would recoup another $80-million in uncollected debt from Milwaukee County, with the money to go to the arena.
The Wisconsin Center District, which runs the city’s convention facilities, would borrow $93-million and pay it back by extending current taxes on restaurant meals, hotel rooms, and car rentals starting in 2028. The city of Milwaukee would kick in $35-million for a new parking structure, plus $12-million in tax incremental financing.
Past-and-present Bucks owners would pay a total of $250-million.
Also, several boards of Milwaukee’s major entertainment facilities could be merged into one. State Assembly Speaker Robin Vos said the package could get support from his fellow Republicans. He said it reduces the state’s obligation, putting it below what it would cost taxpayers if the Bucks were to leave — which the N-B-A could demand if a new arena is not built by mid-2017.
