The state Department of Revenue Secretary says not building a new arena for the Milwaukee Bucks will have long term negative affects on the state economy.
If a new arena is not built by 2017, the NBA says it will buy the team from the current owners and move the team to another city. The arena will cost about $500 million as part of a larger economic development project in downtown Milwaukee. $250 million has already been committed in private funds. The state's plan is to invest $80 million dollars over 20 years.
In an interview last week with WXPR, Secretary Richard Chandler says the Bucks now pay more than $6 million a year in income taxes. He says the revenue generated by having the team there will more than offset the investment....
"....If they stay, they will get a big new TV contract. That means players salaries will rise and income tax payments will rise significantly. So over a 20 year period, if they leave, we stand to lose almost $300 million dollars...."
But why should anyone outside of Milwaukee care? He says everyone will benefit...
"....so whether your more interested in funding for schools, the university, job training programs or whatever it might be, the state will have more money to fund programs all over the state if the Bucks stay in Wisconsin...."
. He says if the arena isn't built, while the state saves $80 million, they will lose much more in potential tax revenue for decades.
Critics oppose any public funding of a private venture
