Wisconsin Gov. Scott Walker, state lawmakers and city of Milwaukee leaders "pushed forward Thursday with a proposal to publicly finance half" of a $500M downtown arena for the Bucks, according to a front-page piece by Bice, Stein & Spicuzza of the MILWAUKEE JOURNAL SENTINEL. Walker said that the Bucks "would pay for any cost overruns on the project, meaning the public's share of the costs would be capped" at $250M plus interest. All the leaders "sold the advantages of the deal by emphasizing the consequences of doing nothing and risking the loss of the team." Walker "hammered on the potential costs to the state from lost income taxes paid by Bucks players and visiting opponents over the next 20 years and maintenance at the team's aging current home, the BMO Harris Bradley Center, over the next decade." The Bucks "praised the deal and acknowledged they would pay for unexpected expenses -- a point that was in dispute as recently as last week." Bice, Stein & Spicuzza report the deal "must now pass the Milwaukee Common Council and, more importantly, the GOP-controlled Legislature." Wisconsin GOP lawmakers acknowledged that they "don't yet have the votes needed for passage, or even a clear idea of whether they will seek to move the proposal as part of the budget or as a separate bill" (MILWAUKEE JOURNAL SENTINEL, 6/5). In Milwaukee, Rich Kirchen reported the plan calls for the state to spend $80M over 20 years "on the state’s share of arena construction costs." The Milwaukee Common Council also "will be asked to sign off on a proposed $47 million city contribution consisting of a new parking garage near the arena and a new tax incremental financing district." Besides the $47M from the city, the $250M payment toward arena construction "would consist of $55 million from the state (which equates to $80 million, with interest), $55 million from Milwaukee County and $93 million in new debt issued by the Wisconsin Center District." Any money from naming rights "would go to the Bucks and not local or state government" (BIZJOURNALS.com, 6/4).
SILVER CONFIDENT OF A DEAL: NBA Commissioner Adam Silver on Thursday during his press conference prior to Game 1 of the Finals said he was "fairly confident" the arena deal "will all get worked out." Silver: "That team is going to be in Milwaukee for a long time. And in a relatively short time that negotiation will be completed and they'll be announcing the team is staying with a new arena" (JSONLINE.com, 6/4).
BAY CITY ROLLERS: Silver on Thursday also said that the Warriors' plan to move from Oakland's Oracle Arena to a new venue in S.F. "doesn't concern" him. He said, "The team needs a new building. I think that’s apparent every time I come here. ... I would say from the league standpoint, we’ve always seen this team as the Bay Area’s team." Silver said that while he is in town for the NBA Finals, he plans to meet with Warriors President & COO Rick Welts and "visit the 12-acre Mission Bay site where the Warriors plan to build their arena." In S.F., Rusty Simmons notes the Warriors’ ownership group plans to have the privately-funded "state-of-the-art arena" ready for the '18-19 season." However, that move "could ostracize some in the East Bay" (S.F. CHRONICLE, 6/5).
