Wisconsin Gov. Walker proposes $220M investment in new Bucks arena

The Milwaukee Bucks have a big supporter in Wisconsin Gov. Scott Walker.

As expected, Walker announced Tuesday that he will propose a plan to the state budget next week aimed to generate funds for a new multipurpose arena in downtown Milwaukee. The proposal was perhaps more substantial than expected, with Walker proposing $220 million in state bonds, an amount he feels income tax revenue from players and visiting teams will generate.

Walker called his plan the "Pay Their Way" proposal, promising security for taxpayers, who will not see their taxes increased or any additional draws on current revenues being taken. Instead, the debt service is based on an anticipated increase in player salaries, which should increase state income-tax revenue in kind.

The Governor took to Twitter to outline some of his key points in graph form:

Adding $220 million to the project in this way should put the Bucks exactly where they need to be, with new owners Marc Lasry and Wesley Edens having already pledged $150 million, former owner Herb Kohl having pledged $100 million and the team believing they could raise as much as $50 million in additional private financing. It's early in the process for such estimates, but the project was originally pegged at roughly $400 million, and the commitments just listed total $520 million.

"It's a great deal for Wisconsin, a great deal for the state," Edens said Tuesday, saying that the proposal will now become a collaboration between team and government.

The Bucks organization also released a formal statement through president Peter Feigin, who had originally called for state support:

We thank Gov. Walker for his leadership and commitment to building a transformative, multi-purpose arena that will help revitalize Milwaukee. The governeor's support brings Wisconsin closer to creating a new state-of-the-art venue and entertainment destination that will become an economic catalyst for the entire state. We look forward to working closely with Gov. Walker, the state legislature, local officials and the entire community to make this vision a reality.

The NBA has the option to purchase the Bucks at a reasonable price if a new facility is not in place by 2017, so both sides making progress is paramount for the team's future in Milwaukee. Walker's intention to propose the plan is merely a first step, but it should have Bucks fans optimistic.