MILWAUKEE, WI (CelebrityAccess) — After two days of private negotiations, the Wisconsin Senate voted 21-10 to approve $250 million in public financing for the construction of a new arena for the Milwaukee Bucks. The bill now goes to the republican-controlled state Assembly, who are expected to sign off on the bill as well.
According to the Milwaukee Journal-Sentinel, the plan, if approved, will cost taxpayers in the state more than $400 million when accounting for interest over 20 years.
The Journal-Sentinel reported that a number of concessions were required to pass the legislation, including an increased surcharge on all tickets at the BMO Harris Bradley Center, the current home of the Bucks. The venue currently charges $1.50 on all tickets $12 and under.
Bucks President Peter Feigin told the Journal-Sentinel that he was "overjoyed" with the Senate's vote but was now focused on the Assembly and Milwaukee Common Council.
Several days before the Senate voted on the arena funding legislation, Wisconsin Governor Scott Walker signed a state budget that included significant cuts to education, including $250 million to the University of Wisconsin system. – Staff Writers