Wisconsin Gov. Scott Walker signs bill to fund new Bucks arena

The Milwaukee Bucks have been officially cleared to build themselves a new home.

Wisconsin governor and Republican presidential candidate Scott Walker signed legislation Wednesday approving the construction of a $500-million arena for the Bucks, who have played at the BMO Harris Bradley Center since 1988.

The bill, which passed through the Wisconsin state Senate and Assembly before receiving Walker's signature, commits $250 million in state tax dollars to the arena project, with the rest to be fronted by the Bucks' current owners (Marc Lasry, Wesley Edens) and the man who sold them the franchise in 2014 (Herb Kohl).

With interest, the total cost for Wisconsin taxpayers is expected to swell to approximately $400 million over the next 20 years, according to The Associated Press.

Walker has argued that that's a small price to pay for keeping the Bucks in Milwaukee, which appeared unlikely to happen without the arena deal. The Bucks face an NBA-imposed deadline - a condition of Lasry and Edens' purchase agreement - by which the league reserves the right to buy back the franchise if a new facility isn't completed before the 2017-18 season, when the team's lease with the Bradley Center expires.

"Today's signing is the culmination of an extraordinary effort from a broad coalition to not only keep the Bucks in Wisconsin, but revitalize Milwaukee," Bucks president Peter Feigin said in a statement Wednesday. "The entire Bucks family is thankful for the leadership and bipartisan support of Governor Walker, state legislators, local officials, countless organizations and the community. We will continue to work with the city and county to move this public-private partnership forward as swiftly as possible and make this world-class sports and entertainment district a reality."

The team says it plans to move quickly, aiming to break ground in the fall.