Bucks' arena-funding plan passes Wisconsin Senate

The Milwaukee Bucks are inching closer to securing their long-term future in the state of Wisconsin.

A funding plan that would see upwards of $250 million in state funds contributed toward a new downtown arena for the Bucks passed in the Wisconsin Senate on Wednesday.

The bill passed with a 21-10 vote and will now head to the Wisconsin State Assembly. Nobody spoke in opposition to the bill, and Senate Majority Leader Scott Fitzgerald said he's "hopeful" the Assembly won't send the bill back.

The funding proposal had been removed from the state budget and left as a stand-alone bill.

"This is a good win for us," Wisconsin Sen. Chris Larson said Wednesday. "I hope we can build on it, to keep good businesses in our state."

Sen. Lena Taylor expressed confidence Tuesday that an agreement had been reached and that the Senate had secured enough votes. Fitzgerald had previously said he wouldn't bring the proposal to the floor without the requisite votes.

Bucks president Peter Feigin released the following 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.

The Bucks are asking for $250 million in state funding toward a new, $500-million downtown arena facility, and they've been trying to sell the state on the social and economic benefits of a new arena. Gov. Scott Walker brought an official proposal forward in early June, but optimism dissipated quickly as implicit costs were examined and the proposal seemed to get lost in the ironing-out of the larger state budget.

Between the new owners, outgoing owner Herb Kohl, and private financing initiatives, the Bucks are ready to contribute $250 million of their own, but some estimates suggest the real cost to the public after interest could reach $377 million.

Construction on a new facility would conceivably need to begin this year for an arena to open for the 2017-18 season, but it's possible that approval from the Senate and state Assembly would be enough to quiet talks of moving the team. Otherwise, the team could move to Las Vegas or Seattle, something Feigin recently admitted but NBA commissioner Adam Silver downplayed in favor of optimism.