Governor Walker to Unveil Arena Plan Tomorrow

[Litehouse]

Journtinel article on the plan...
http://www.jsonline.com/news/statepolitics/walker-jock-tax-will-cover-220-million-for-new-bucks-arena-b99433734z1-289935421.html

[jsglow]

I think many of you know that I've been opposed to the new arena if public financing was involved.  I have to admit that Governor Walker's proposal looks sound based on what I know and is likely something that I'd support.  Nice work by the assembled team that I'm told includes Goldman Sachs.  The only real question is whether the escalation in state revenues from the player tax will meet projections.  But from what I can tell, there seems to be no slight of hand or double counting.

[Galway Eagle]

Hate the guy and 90% of what he stands for but I actually do like this plan and looking forward to it. 

[jsglow]

Hate the guy and 90% of what he stands for but I actually do like this plan and looking forward to it. 

Let's stay away from politics Bag.  Rather, we can have an intelligent discussion of the specifics of the Governor's proposal.

[Jay Bee]

Let's stay away from politics Bag.  Rather, we can have an intelligent discussion of the specifics of the future President's Governor's proposal.

FIFY

[bamamarquettefan]

I think many of you know that I've been opposed to the new arena if public financing was involved.  I have to admit that Governor Walker's proposal looks sound based on what I know and is likely something that I'd support.  Nice work by the assembled team that I'm told includes Goldman Sachs.  The only real question is whether the escalation in state revenues from the player tax will meet projections.  But from what I can tell, there seems to be no slight of hand or double counting.

Agree completely - get uneasy when financing is discussed, but this is really well thought out. I love the Bradley Center, but as a Richmond Virginia native prior to coming to Marquette, I can't tell you how exciting VCU's move from the Bradley Center-lite (Richmond Coliseum) to a more intimate venue sparked Havoc. This could be exciting. Don't make it so small that I can't afford tickets (UVa at VCU regular season game was going from $400 to $1500 a seat from what I was told), but I would love to see an ALMOST packed home venue with fans on top of visiting players.

[ChicosBailBonds]

I think many of you know that I've been opposed to the new arena if public financing was involved.  I have to admit that Governor Walker's proposal looks sound based on what I know and is likely something that I'd support.  Nice work by the assembled team that I'm told includes Goldman Sachs.  The only real question is whether the escalation in state revenues from the player tax will meet projections.  But from what I can tell, there seems to be no slight of hand or double counting.

There is always some slight of hand, but I'm in the same boat with you. Public financing with new taxes, etc, is crap for arenas and stadiums, IMO.  There are many many more important things that the public dollars should go toward.  IF they have truly found a way to do this without tapping into new taxes, etc, and not adding to a mountain of debt that can't be serviced, I'm all for it.  I have my suspicions that this is too good to be true, but at least the creative approach out of the gate is palatable. 

[ChicosBailBonds]

Hate the guy....

Why do you hate the guy?  Lots of POLS I despise their politics, but I don't hate the person.  What makes you hate the person as you claim?

[Galway Eagle]

Let's stay away from politics Bag.  Rather, we can have an intelligent discussion of the specifics of the Governor's proposal.

I agree we should stay away just wanted to make sure my support of this plan wasn't misconstrued to be any support for the governor. 

Why do you hate the guy?  Lots of POLS I despise their politics, but I don't hate the person.  What makes you hate the person as you claim?

Not getting baited 

[🏀]

Hate him or like him, you can all say your smarter than him since you graduated.

[jsglow]

I agree we should stay away just wanted to make sure my support of this plan wasn't misconstrued to be any support for the governor. 

Bag, why the heck should anyone here care?

Back to the plan.  A couple of things I applaud.  First, Walker made it absolutely clear that the existing NBA players tax stream to the state (the $6.0MM) wasn't to be touched but only the next dollar on top of that.  I believe most experts believed that those dollars were about to be redeployed from the current general revenue stream over to the arena.  That would have been an example of 'slight of hand' in my way of thinking so kudos. 

Second, the Governor forcefully made the point that the state will LOSE revenue WHEN the Bucks leave assuming no arena is built.  It's a fair argument as WI is guaranteed to lose the Bucks if no arena is built.  Moreover, roughly $100MM must be invested in the BMO BC anyway if that is to remain the primary downtown facility.  So it could be argued that the taxpayer actually loses if no new facility is built as there won't be ballplayers to pay for it.  That's the selling job the Governor has in places like Rhinelander as he mentioned.

Lastly, there's the argument made that players taxes ought be used to 'fix the potholes' and that billionaires should pay the entire bill.  To that I say those are two straw man arguments because we won't have NBA players paying taxes if no arena is built and we make lots of decisions at the state level to support corporate ventures we deem worthy.

I think I'm convincing myself.  Interested in what others have to say.   

[bork]

New arena in the Park East property, BC to be demolished.

It's actually not park east land, it's the land north of the Bradley Center, that the Bradley Center board already owns.  Between Highland and Juneau.

[WarhawkWarrior]

Way to go, Gov!

[warriorchick]

Hate him or like him, you can all say your smarter than him since you graduated.

Can't tell if your joking here or not.

[Lennys Tap]

Can't tell if your joking here or not.

He's joking.

[keefe]

Hate him or like him, you can all say your smarter than him since you graduated.

Does Walker use better spelling than some Marquette grads?

[Texas Western]

My first question on these matters is always "Is it good for MU?". Yes I believe this is a very good development for MU. New Arena, plus redevelopment only works to our benefit. We should keep smiling and encouraging. Hold off making financial commitments until the entire picture is clear. Keep pushing for a location as near to campus as possible.

[mu03eng]

I am 100% behind this plan.  I'm a pragmatist for the most part, I don't like tax revenue funding private enterprises but that is the reality of the world we live in.  Unless we had a compact from every city in the US that they would not spend public money on private enterprises, this is what is what has to happen.  The fact that they were able to maintain a steady state tax revenue and only pledge future revenue is a solid decision.  As JSGlow pointed out, the only risk is if the projects don't work out.

Just think of it in terms of asset acquisition....we are essentially using funds from the asset to fund its acquisition so that we can guarantee future revenue.

[4everwarriors]

Right now, MU doesn't have any say in the facility since they haven't committed any skin for the game, aina?

[GGGG]

I am 100% behind this plan.  I'm a pragmatist for the most part, I don't like tax revenue funding private enterprises but that is the reality of the world we live in.  Unless we had a compact from every city in the US that they would not spend public money on private enterprises, this is what is what has to happen.  The fact that they were able to maintain a steady state tax revenue and only pledge future revenue is a solid decision.  As JSGlow pointed out, the only risk is if the projects don't work out.

Just think of it in terms of asset acquisition....we are essentially using funds from the asset to fund its acquisition so that we can guarantee future revenue.

I basically agree with this, but like Chicos, I do have my doubts that these numbers will actually work.  I have a feeling these bonds will eventually have to rely on sources other than the increase in the jock tax.  But that point, this entire thing will be history.

[jsglow]

I basically agree with this, but like Chicos, I do have my doubts that these numbers will actually work.  I have a feeling these bonds will eventually have to rely on sources other than the increase in the jock tax.  But that point, this entire thing will be history.

No doubts that there are some unknowns.  But here's one thing we do know.  If an arena isn't built the NBA will repurchase the Bucks and will certainly move them.  Remember that I was fully prepared to lose them if John Q. Public was going to have to foot the bill for the majority of the arena.  There's a mechanism being proposed that the Bucks fully support that prevents that.

I think I heard that there's still a $50 million gap and the the Governor is privately insisting that Milwaukee and Milwaukee County come up with that so that they have skin in the game.  Let's see if Barrett and Abele can get on board.  I do remember the bi*ching and complaining in 1988 when local government was asked to move the rescue mission and repave some streets.  As I've long said, every Milwaukee native should be forced to live somewhere else for a year so they know how unbelievably good they've got it.   

[zrjones13]

No doubts that there are some unknowns.  But here's one thing we do know.  If an arena isn't built the NBA will repurchase the Bucks and will certainly move them.  Remember that I was fully prepared to lose them if John Q. Public was going to have to foot the bill for the majority of the arena.  There's a mechanism being proposed that the Bucks fully support that prevents that.

I think I heard that there's still a $50 million gap and the the Governor is privately insisting that Milwaukee and Milwaukee County come up with that so that they have skin in the game.  Let's see if Barrett and Abele can get on board.  I do remember the bi*ching and complaining in 1988 when local government was asked to move the rescue mission and repave some streets.  As I've long said, every Milwaukee native should be forced to live somewhere else for a year so they know how unbelievably good they've got it.   

Walker probably wants Milwaukee county to invest, but all he said is 300 million has to be secured.  The bucks are already at 250 million not including minority owners investing in the new site, or naming rights.  If 50 million is all they need to raise I don't think they need anything from Milwaukee county.

[jsglow]

Walker probably wants Milwaukee county to invest, but all he said is 300 million has to be secured.  The bucks are already at 250 million not including minority owners investing in the new site, or naming rights.  If 50 million is all they need to raise I don't think they need anything from Milwaukee county.

I too am convinced they'll get there.  I also think Walker has the muscle to push this through the Legislature.  Both houses are controlled by Republicans and he needs to demonstrate his ability to 'get something done' as he runs for President.  Without going too political, I think this creative plan becomes a plank in his stump speech about 'new ideas'.  Sometimes timing is everything.

[GOO]

Where is the "it's happening"gif?  I think it is time to break that one out. 

There will be theater and push back, locally and state wide.  But it will happen, no doubt.  It will be a show, but in the end there will be plenty of votes, in my opinion.

I still have hope, since the City and County are taking the "let's see where it is at before we support it" that it will be a better location than north of the BC.  But in the end, regardless, it gets done even if it is north of the BC.  Albeit with less county/city money if it is north of the BC.

There is so much underutilized land south of Wisconsin Ave near 4th and Wisconsin that I still hold out some hope (despite the evidence to the contrary) that it ends up near that location.  It is to bad that 794 still exists and was rebuilt.  It should be a boulevard on the ground.  I understand if the Buck's owners don't want to located near a raised interstate.  Too bad that was ever built and then rebuilt. 

[Lennys Tap]

I too am convinced they'll get there.  I also think Walker has the muscle to push this through the Legislature.  Both houses are controlled by Republicans and he needs to demonstrate his ability to 'get something done' as he runs for President.  Without going too political, I think this creative plan becomes a plank in his stump speech about 'new ideas'.  Sometimes timing is everything.

New, creative, economically sound plans that improve infrastructure and grow the economy - I can see why so many people hate this guy