Wisconsin lawmakers pass NBA arena spending plan for Milwaukee
ByReuters
Published 28/07/2015 at 18:56 GMT
Wisconsin lawmakers on Tuesday approved a $250 million financing plan to pay for half of the cost of a new arena for the National Basketball Association's Milwaukee Bucks, a key step in keeping the team in the city where they have played for 47 years.
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The Republican-led state Assembly approved the bipartisan-backed measure 52-34, sending it to the desk of Republican Governor Scott Walker. The project now needs approval from the Milwaukee city council, which is expected to hold committee hearings on it in August.
Walker, a 2016 U.S. presidential candidate, and other supporters say a new Bucks arena would be an economic driver for Milwaukee and the state by generating revenue and much-needed jobs.
"This is a slam dunk for the state of Wisconsin," said Democratic state Representative Mandela Barnes, who represents part of Milwaukee.
The financing plan calls for taxpayers to contribute $250 million toward building a new arena in downtown Milwaukee. The public money would come in several forms including $203 million in bonds.
"State taxpayers should not be subsidizing the construction of professional sports facilities," said Republican state Representative Dean Knudson, who voted against the proposal.
The plan was approved on July 15 by the Republican-led state Senate by a vote of 21-10.
The NBA told the Bucks it would exercise its option to buy the team and move it to Seattle or Las Vegas if a new arena is not built by 2017, according to team officials.
Team owners Marc Lasry, Wesley Edens and Jamie Dinan, hedge fund managers who bought the Bucks in 2014, have pledged $150 million. Former owner and U.S. senator Herb Kohl has said he will contribute $100 million.
Another $500 million in private investment will be spent on adjacent development north of the arena, the team said.
The owners "saw an opportunity to partner with public officials to build a sports and entertainment district that would help spur the transformation of an area that hasn't been developed in decades," the team said in a statement.
The Bucks currently play in the BMO Harris Bradley Center, an 27-year-old arena the franchise shares with the Milwaukee Admirals hockey team and the Marquette University men's basketball team.
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