After months of negotiations over a new downtown Milwaukee arena, now the real fun begins.
As you probably know by now, Gov. Scott Walker and legislative leaders have called a press conference for 3:15 in Madison today to announce the details of an arena public financing package that will be submitted to the legislature's Joint Finance Committee. Late in the morning word broke that at least two outstanding questions from earlier plans had been resolved: the Bucks would be on the hook for any cost overruns beyond $500 million, while the public debt piece would be capped at half that amount, $250 million.
The former provision would thus seem to mirror the Kings' arena agreement in Sacramento, which puts the team on the hook for arena cost overruns. That's critical given the size and scope of any $500 million project, and it's a risk that taxpayers in the Milwaukee area know all too well. After an initial budget of $322 million in 1996, Miller Park's final price tag had swelled to $400 million by the time it opened in 2001.
We'll use this page to collect additional news as it breaks, so hit refresh regularly!
@SenFitzgerald's office tells me today's arena announcement is being made with the intention it will be taken up in the budget.
— David Ade (@DavidAdeCBS58) June 4, 2015
So here's the new Bucks stuff: 1) the Bucks are responsible for cost overruns beyond $500M and 2) public borrowing is capped at $250M.
— Jason Stein (@jasonmdstein) June 4, 2015
We (online) and our partners @620wtmj & @tmj4 (on-air) will carry the #Bucks arena news conference live at 3:15. http://t.co/eA3VckSBOd
— WIsportscom (@WIsportscom) June 4, 2015
Gov. Walker calls this "a great partnership." Stands with Barrett and Abele. pic.twitter.com/ZayhLSslpF
— Jenna Sachs FOX 6 (@jcsachs) June 4, 2015
Walker emphasizing $419 million in lost tax revenues and BMOHBC ongoing costs in Bucks leave scenario vs. $80 million cost to state in plan.
— Frank Madden (@brewhoop) June 4, 2015
The word "cheap" will definitely get people excited. https://t.co/JE4tw9pliu
— Matt Trebby (@trebby) June 4, 2015
Scott Walker talking about "great partnership" one sentence after mentioning Chris Abele and Tom Barrett. Let's frame this moment, eh?
— Frank Madden (@brewhoop) June 4, 2015
Walker emphasizing $419 million in lost tax revenues and BMOHBC ongoing costs in Bucks leave scenario vs. $80 million cost to state in plan.
— Frank Madden (@brewhoop) June 4, 2015
Walker reiterates point from his earlier plan: First draw on any future sale would go to paying off public debt.
— Frank Madden (@brewhoop) June 4, 2015
Chris Abele subtly reminding everyone that the Park East has been a barren moonscape of despair for the past two decades.
— Frank Madden (@brewhoop) June 4, 2015
Abele killed it. He can wear a tank top for all I care. Laid out the pluses perfectly.
— Doug Russell (@DougRussell) June 4, 2015
Walker: "great public-private partnership." Adele: "opportunity. Incredibly excited." Barrett: "this is a fair deal."
— Dennis Krause (@DennisKrause1) June 4, 2015
"The State of WI benefits greatly having the Bucks here, all you have to do is look at the income taxes from the players" - @MayorOfMKE
— Paul Henning (@brewcitypaul) June 4, 2015
MKE Co. Exec. Chris Abele says this deal is more than "once in a lifetime," will create jobs and generate revenue
— Andrew Hahn (@ndrewhahn) June 4, 2015
Gov. Walker: this is different than Miller Park and Lambeau renovation because there's no new taxes being added like those had.
— JP Cadorin (@jpcadorin) June 4, 2015
Fitzgerald says he's talked to all 19 Republican senators, but could "take a while" for process to play out. Not clear if in/out of budget.
— Frank Madden (@brewhoop) June 4, 2015
Vos: "It is obvious today, it is better to keep the Bucks here. Part of this process is to make sure the public is fully engaged"
— Paul Henning (@brewcitypaul) June 4, 2015
More details on the finances of the #Bucks arena plan as announced. http://t.co/wtMWBHqucM pic.twitter.com/gSiBW54FTY
— TODAY'S TMJ4 (@tmj4) June 4, 2015
.@GovWalker urges lawmakers to "take a time out" and "look at the facts" before making a decision about the Bucks arena. #Bucks
— Mary Spicuzza (@MSpicuzzaMJS) June 4, 2015
While the Bucks were not represented on stage, Team President Peter Feigin released the following statement:
"We're incredibly thankful for the leadership and commitment of state, city and county officials to put together a viable financing framework for this public-private partnership to build a new sports and entertainment district in Wisconsin. While there is still a lot of work to be done in a short time frame, this is a big step forward in our collective effort to build a transformative economic and cultural asset in downtown Milwaukee. We will continue to work closely with our public partners to make sure this historic effort is successful."