Posted on 01/27/2015 8:20:29 AM PST by Sideshow Bob
Gov. Scott Walker is expected to announce Tuesday morning that he plans to put into the state budget a financing plan that includes bonding to help build a multipurpose arena in downtown Milwaukee.
A source familiar with Walker's plan said the governor's plan relies on the diversion of income taxes paid by visiting National Basketball Association athletes as well as Milwaukee Bucks players to pay the debt service on the bonding.....
(Excerpt) Read more at jsonline.com ...
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.
This is old news. Been around for 4 days.
****
Not quite. Walker's official press conference announcement ended 5 minutes ago. Can't get too much more breaking than that.
There was a news leak from last Friday which contained incorrect info.
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?
Well I’d compare it to the old MLB cookie cutter stadiums of the 60/70’s.
Bradley Center was built as a major sport dual use sports facility with securing an NHL team part of the original selling point. The Petit’s loved hockey and thought Milwaukee could support a team. Functionally its serves its purpose but it needs a significant amount of money at this point for upkeep/improvements.
Go above the 1st tier bowl and the place is terrible to watch anything from.
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.
Not a fan of supplying owners with shiny new palaces AGREE
and not a big NBA fan AGREE
Bradley Center needs significant upkeep/upgrade $’s DISAGREE - the building is fine; requires only normal upkeep (false & inflated claims by Bucks and supporters)
Was built in mind for a hockey team that never came. Not a very good to place to watch basketball at all. AGREE, but most multiuse facilities are not great for all uses
The bars/restaurants around the Bradley Center were already struggling because of the crap the Bucks were serving on the court every night for 10-12 years. AGREE, but the new state-subsidized bars & restaurants in or at the new arena will kill all other competition completely
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. AGREE, but a shiny new arena will NOT increase attendance or pre/post game meals & drinks - just shift them to Bucks-owned venues
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, AGREE and not just in Milwaukee - I think the NBA will eventually collapse
but if it doesn’t hurt the taxpayers I’d be OK with this. eh, I'm still opposed -- but I am far less opposed than I was yesterday.
That said, best of luck to Walker on this new plan...
I am betting that those bars and restaurants in the stadium will be a money loser in the long run. Its is Milwaukee after all and they may go to the games but they’re not going to pregame pay $8 for a beer or $15 for a sandwich. They’ll do their damage outside the stadium before going in...just like Miller and and lambeau ;)
Yes. Before Magic Johnson (carrying the ball), Patrick Ewing (traveling) and Allen Iverson (jump stop) killed the observance of basic game rules and the NBA didn't fix the outcome of most games ala pro wrestling, the NBA was an interesting and watchable sport.
From 1970-1990 the Milwaukee Bucks were consistently among the NBA's best teams - qualifying for the playoffs 19 times, winning a dozen division titles, reaching the conference finals a half dozen times, reaching the Finals in 1974 and winning the championship in 1971.
I haven't watched much over the last 25 years because I detest the game pro basketball has become, but I've heard that the Bucks actually made the now-diluted playoffs a few times.
In related news, Animal rights activists sue the team to make them change their name. /jk
Yes, but you are forgetting that the composition of Bucks attendees differs from the Average Joes who attend Brewers & Packers games. Most remaining Bucks ticket holders are corporate entities who use the games as an entertainment expense. They will pay $15 for a sandwich & $10 for a beer ($8 beers are so like, five years ago).
And when does that part EVER happen?
This might be good for his Chamber of Commerce buddies. But there's nothing conservative about the state funding the stadium.
Walker's off my list. He's just another Chamber of Commerce water boy with no DC voting record. I trust him about as much as I'd trust Mitt Romney, Jeb Bush, or Chris Christie.
I think you're a bit harsh with that assessment.
Scott is a personal friend of mine. I like him a lot, but much prefer Ted Cruz.
I don't think Walker is a Chamber waterboy, but I do think he tries too hard to thread the needle in his politics when blunt force might be the better option.
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?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.