1. The State of Wisconsin to issue a $220 million revenue bond.
2. The bond to require full and immediate repayment by the Bucks if they are sold before the retirement of the debt.
3. The establishment a Jock Tax "base" of the current Jock Tax tax revenue from NBA players at $6.5 million.
4. The state of Wisconsin to divert all "surplus" NBA Jock Tax monies in excess of $6.5 million annually to help retire the $220 million revenue bond.
5. The Jock Tax surplus diversion will continue until bond debt is retired.
I will acknowledge that Walker's plan is innovative. It also creates the illusion (but not the reality) that the NBA players are paying for the new arena.
But I'm still opposed to any state funding for a new downtown Milwaukee arena.
I don't like creating a false "surplus" (maybe if the $6.5 million base were indexed for inflation, I would have less of an issue).
I don't like subsidizing billionaires.
A new arena is not needed and will turn the Bradley Center into another unused arena facility.
A new arena will not result in any new economic development other than construction.
It will create economic losers among the local bar and restaurant owners currently near the Bradley Center.
It will make the Bucks and their affiliated bar & restaurant owners in the new arena economic winners.
Government should not be picking economic winners and losers.
Walker should make the Bucs be a public corporation like the Packers.
Posted in Breaking News?
This is old news. Been around for 4 days.
I like the plan because in exchange for state funding, a percentage of gross revenue from players’ salaries, stadium concessions, ticket sales, etc, would go to repaying the taxpayers.
I’m opposed to a corporate bailout for multimillion dollar sports clubs. If they really need public financing, it should come with conditions. If they don’t like those conditions, they’re free to look elsewhere.
Stadiums almost never produce the return on investment pols claim that it will.
Best you could ask for short of the team moving. Not a fan of supplying owners with shiny new palaces, and not a big NBA fan (prefer MU games) but:
Bradley Center needs significant upkeep/upgrade $’s even if Bucks leave and its WAY past its prime. Was built in mind for a hockey team that never came. Not a very good to place to watch basketball at all.
The bars/restaurants around the Bradley Center were already struggling because of the crap they were serving on the court every night for 10-12 years. Turner Hall across the street didn’t close up food service because of the food options at the Bradley Center (which are crap) but because nobody was coming to games and stopping in for pre-game dinner/drinks like they used to. Can’t make it there just on a good fish fry anymore. Old 3rd are booze halls for the most part and Buck Bradley’s won’t be hurt by anything the new arena would offer.
I’m still highly skeptical of where this goes as I think the main problem for the NBA in Milwaukee is the expense associated with going to a game, but if it doesn’t hurt the taxpayers I’d be OK with this.
yea what’s wrong with the Bradley center?
Stadia for rich people, paid for by people who can’t afford the tickets.
The opportunity cost of such a stadium no matter how financed are the public services foregone using the same cash no matter how raised. Econ 101: Opportunity cost.
Funding stadiums with taxes for private enterprises to host rich players and fans is not conservative.
Then the game itself. All that action. All those tiny men running around with numbers on their backs. The crowds cheer. The crowds boo. You have no idea what for but you are compelled to join in. Then the "wave" which cannot be described in words.
The loudspeakers blaring parts of uptempo songs, all those scoreboards all lit up with those flashing lights. All those concrete stairs to climb. Those gigantic parking lots where you need to fill out a piece of paper with a pencil so that you know what section your car is in after the game.
Then all that waiting after the game for the cars to start moving. Why is it that every car seems to move before mine?
“But I’m still opposed to any state funding for a new downtown Milwaukee arena.”
Bingo!!
“The Walker Presidential Arena” I like the sound of that.
The government needs to get out of the business of crony capitalism. It is the root of much corruption. I’m surprised Walker would get on this bandwagon for the benefit of oligarchs.
Why should Joe 6-pack taxpayer be put on the hook for building a venue for professional sports that will make already rich team owners and players even richer? Next time you attend a game at publicly funded stadiums or arena, show them your license and ask for your taxpayer discount. You’ll see the big wigs there who spent other people’s money in plush taxpayer paid for box seats.
Without taxpayers they’d be playing in a sandlot, because investors won’t waste money on a field of dreams without a financial return. There is no return on pro sports unless taxpayers are subsidizing. I’m sick of this sports scam played on Americans by both Parties.
I like Scott Walker, but this is disappointing. The government should NEVER be paying money for sports stadiums, under any circumstance.
and quite frankly there is no “extra” space downtown for another even larger arena.
all this money for a building for a game that in any big picture scenario, doesn’t mean anything important.
ThugBall shouldn’t be sponsored by a conservative governor. Not as it currently exists. And who currently takes it as their own. (Not a racist statement.....a cultural statement)