MILWAUKEE (WITI) -- Will it seal the deal? Governor Scott Walker on Tuesday, January 27th came forward with a plan to grow the economy and protect state taxpayers from the loss of current and future tax revenue generated by the Milwaukee Bucks. One expert who has studied arena funding says the proposal is unique because the money would come from a very small group of taxpayers.
In Governor Walker's proposal, the public money would come from an expected increase in players' income taxes. City and county officials say while it's just a proposal, they believe this guarantees Bucks fans will keep their team in Milwaukee.
Justin Jabs just started following the Bucks this year. With an uncertain arena situation, he worried it'd be a short-term relationship.
"You know, it would just kind of stink, starting to get into it, buy the jersey, go to games, kind of invest and then they up and move? That would be really unfortunate," Jabs said.
City and county officials say Governor Walker's proposal for state funding should erase those concerns.
"There`s no question that today`s announcement is the most significant announcement since the date the team was sold," Milwaukee Mayor Tom Barrett said.
"If nothing else, today`s announcement about that removes any doubt that this is going to happen. We`re gonna get a new arena in Milwaukee," Milwaukee County Executive Chris Abele said.
Under Governor Walker's plan, the state would provide a $220 million bond once the team raises $300 million in private funding. The only taxpayers responsible for paying off that bond would be those who dribble, pass and shoot for a living. Marquette Sports Law Professor Matt Parlow says that makes this proposal unique.
"This is the first model that I`ve seen where state income taxes that are derived just by players are dedicated to repaying the public debt," Parlow said.
Parlow says there should be a lot more of that player income tax revenue in the future. The NBA currently makes $966 million a year on its national TV deal. Last fall, the league signed a new nine-year deal that will pay $2.6 billion a year.
"All states that have NBA teams will see an increase in state income tax dollars because the salaries for players will rise dramatically as the TV revenue starts to come in," Parlow said.
If the plan becomes a reality, Bucks fans will celebrate no matter how long they've followed the team. Arena supporters insist the project would be a win for the entire city.
"I think the Bucks bring in bucks!" Jim Metzger said.
Neither Mayor Barrett nor County Executive Abele would commit to providing city or county money for the new arena. Mayor Barrett says the proposed site will largely determine how the city is involved.
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