It was reported Tuesday that the Wisconsin State Senate was going to pass the Milwaukee Bucks arena deal, and it officially passed on Wednesday with 21 votes in favor of the deal and 10 votes against it.
Bucks president Peter Feigin released a statement on the vote:
“Today’s vote is a significant step forward in our collective effort to build a new sports and entertainment district in Wisconsin. We appreciate the bipartisan leadership in Madison for bringing this transformative partnership one step closer to reality. We’re optimistic that this financing package will receive support in the Assembly and look forward to working with state, county and city officials.”
Senate Majority Leader Scott Fitzgerald also released a statement:
“As I have said throughout the long process of crafting this proposal, as goes the City of Milwaukee, so goes the state. Today’s vote was a win for Milwaukee and a win for the State of Wisconsin.
Today, we approved a plan that takes advantage of the rare opportunity to leverage a huge private investment in order to ensure that the important economic engine that is the Bucks franchise continues to have a home in Milwaukee. Most importantly, this plan includes common sense protections to ensure that this package is a good deal for our state’s taxpayers.
I would like to thank Minority Leader Shilling, Joint Finance Co-Chair Alberta Darling, and all of the other members on both sides of the aisle—as well as the representatives of the City, County, and Bucks organization—who worked tirelessly to make this deal happen.”
The proposal calls for $250 million in public financing for the new arena, with that amount getting close to $400 million with interest over 20 years. The bill now moves on to the Assembly.