Wisconsin Assembly approves $500 million Bucks arena deal
MADISON, Wis. - The Wisconsin state Assembly has passed a bill to have taxpayers pay $250 million to help pay for a new Milwaukee Bucks arena.
The bill passed on a bipartisan 52-34 vote Tuesday. The measure now goes to Gov. Scott Walker who has been working with lawmakers to reach a deal.
Under the agreement, current and former Bucks owners will pay $250 million toward the cost of the arena. The taxpayer portion will eventually grow to about $400 million over 20 years.
Supporters say the new arena will bring jobs to Milwaukee and help improve the economy of the state. They say a new arena will help the city and state continue to move forward.
Bucks coach Jason Kidd watched the debate from the Assembly gallery.
The are still more hurdles to come, but Tuesday's decision should be considered a victory for Bucks fans.
Next steps for Bucks/arena: Gov. signs bill; county authorizes purchase of land; city votes to negotiate lease; financing authorized.
— Jeff Zillgitt (@JeffZillgitt) July 28, 2015
Bucks president Peter Feigin spoke warmly about the motion.
Today, our collective effort to create a world-class sports and entertainment district in the heart of Milwaukee took a monumental step forward thanks to the bipartisan leadership of elected officials in Madison.
We’re incredibly grateful for the commitment of state, county and city officials to work together in a historic fashion to help shape this public-private partnership.
There’s still work to be done and we look forward to building on this progress with the city and county, but the passage of legislation today makes our future much clearer.
The Bucks will not only remain home in Wisconsin, but we’ll soon begin a transformative economic development project that will help revitalize our community and region.