Governor signs bill to fund Bucks' new arena
WEST ALLIS, Wis. — Wisconsin Gov. Scott Walker took a break from the presidential campaign trail Wednesday to commit $250 million in taxpayer money to pay for a new arena for the Milwaukee Bucks.
Calling the new NBA arena a “dynamic attraction for the entire state of Wisconsin,” Walker signed the bill at the Wisconsin State Fair Park surrounded by state lawmakers, local officials and Bucks team president Peter Feigin.
“This is a good deal overall,” Walker said before signing the bill, which allayed concerns that, without a new arena, the NBA would move the team to Las Vegas or Seattle.
Taxpayers ultimately will pay about $400 million, including interest, over the next two decades, while current and former team owners will spend another $250 million.
The deal cleared the Republican-controlled Legislature in July with bipartisan support. Democratic Assembly Minority Leader Peter Barca, of Kenosha, stood behind Walker and in between Republican lawmakers on Wednesday.
“This wasn’t Republican or Democrat,” Walker said. “This was a good example where people came together, not only across party lines but from all over the state of Wisconsin.”
Opponents had argued taxpayer money should not go toward building an arena for a privately owned sports franchise. But Walker and supporters said it would cost taxpayers more to lose the team.
The $250 million initially coming from taxpayers includes $47 million from the city of Milwaukee in the form of a parking structure and tax increment financing. The rest comes from bonds to be paid off by taxpayers, Milwaukee County and the extension of existing local taxes on hotel rooms, rental cars and food and beverage in Milwaukee city and county.
The state taxpayer portion is capped at $80 million over 20 years, a cost that Walker said was more than reasonable to keep the team in the state.
Had the Bucks left, Walker said, the state would be out at least $6.5 million a year in income taxes that NBA players and staff currently pay. Over 20 years, Walker said that would have grown by another $169 million.
The Republican had originally called for $220 million in state bonds to pay for the arena, but lawmakers balked at borrowing that much.
Walker told reporters after the bill signing that he wasn’t worried about criticism from conservative groups, like Americans for Prosperity, that have called the Bucks arena deal a bad one for taxpayers.
“I do what’s right,” Walker said. “I don’t worry about interest groups, whether they be on the right or the left. … When the chips are down, I’m not intimidated by anyone.”
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