Wisconsin Gov. Scott Walker yesterday approved $250M in public money for a Bucks arena, "paving the way for a Common Council vote on the proposal next month and a potential groundbreaking as soon as October," according to a front-page piece by Spicuzza, Stein & Stephenson of the MILWAUKEE JOURNAL SENTINEL. The bipartisan legislation "commits taxpayers to paying half the cost" of the $500M arena over the next 20 years "in exchange for the team remaining in Wisconsin's largest city." Walker, who made no changes to the bill, said, "We think this is a good solid move as a good steward of the taxpayers' money here in Wisconsin." Milwaukee City Council President Michael Murphy said that its contribution "will get at least three public hearings before being voted on by the full Common Council on Sept. 22." In addition to the council vote, the Bucks "need to work out a land sale with Milwaukee County." The Bucks deal includes $250M "in contributions from the state, city and county of Milwaukee, and a special arena and entertainment district." The other half of the arena "is being paid by the team's current owners and former U.S. Sen. Herb Kohl, the team's previous owner." State, city and county residents "will ultimately pay" $400M on the arena when accounting for $174M in interest over 20 years. Of the principal coming from taxpayers, $47M "would come from the City of Milwaukee providing a parking structure and tax incremental financing." The rest "would come from: bonds issued by an arena and entertainment district and paid off by state taxpayers" (MILWAUKEE JOURNAL SENTINEL, 8/13). Meanwhile, in N.Y., Trip Gabriel writes the deal is seen as exposing Walker to "charges of corporate welfare as he seeks the Republican nomination as a fiscal conservative" (N.Y. TIMES, 8/13).
BEST OF A BRAD SITUATION: In Milwaukee, Sean Ryan reported the Bucks' current arena, BMO Harris Bradley Center, will get $10M in maintenance and repair work "under borrowing approved by the Wisconsin State Building Commission" yesterday. The money "is expected to keep the Bradley Center up and running until it is demolished after the proposed new downtown arena is completed" near the end of '17 (BIZJOURNALS.com, 8/12).
