MILWAUKEE, WI (LEARFIELD-WSAU) Governor Scott Walker could announce this morning that his next proposed state budget would include financing for a new downtown Milwaukee arena. The Journal Sentinel says that Walker is expected to use income tax revenues from the Bucks and visiting N-B-A players to re-pay the bonds — the so-called “jock tax.” The arena could also get sales tax revenues from goods-and-services provided at the new facility.
Bucks’ owners Wes Edens, Marc Lasry, and Jamie Dinan have pledged up to 150-million dollars for an arena that could cost up to 500-million. Former Bucks’ owner Herb Kohl has agreed to kick in 100-million — and unless there’s more private investment, taxpayers could be asked to put up as much as quarter-billion dollars.
A specific site for the new arena has not been chosen. Reports say the leading location is just north of the BMO Harris Bradley Center. The Bucks’ owners have billed the project as an economic boost for the downtown, saying that new business and residential development would follow.
Tax funding for the project has drawn vocal opposition — including from outlying counties where people are still paying a special taxes to pay off the bonding for the Brewers’ 14-year-old Miller Park.
