Oh, yeah, it’s definitely racino time in Wisconsin, where Gov. Scott Walker has announced that “in the next few days” he’s going to announce a new Milwaukee Bucks arena plan to replace his old arena plan that everybody hated. And what will be in the new plan?
Walker gave no specifics of the new plan but said that the alternative plan would not siphon off any tax revenue from the state’s existing tax base or rely on any new taxes.
So that leaves revenue from existing taxes as they bring in more revenue in the future — in other words, some variant on a TIF, just as his old “kick back any future rise in NBA income taxes” plan was. Any other specifics?
“It involves not only our Legislature leadership — Senator Fitzgerald and Speaker Vos, that I typically meet with on a weekly basis, but also representatives of the city of Milwaukee, the county of Milwaukee as well as the Bucks and I believe in the end we will find a viable alternative. We`re working with members of the legislative leadership, the city of Milwaukee and the county, and we’re having meetings even this week on that and once we reach a conclusion, we’ll be announcing that fairly shortly,” Governor Walker said.
Kit Beyer, [an Assembly Speaker Robin] Vos spokeswoman, said Vos has consistently said that in order to keep the Bucks in Milwaukee, city and county officials “need to step up more. He looks forward to learning what they can offer when they meet this week.”…
In addition, there is an expectation that the City of Milwaukee and Milwaukee County will be asked to contribute. No specific details of what the city and county could contribute have been released, though it is expected the city’s contribution will be in the form of tax-incremental financing districts for the expected ancillary development near the new arena site.
Put all the tea leaves together, and it sounds like Walker and city and county officials are going to be scrounging around for any future taxes that can be credited to the Bucks’ presence — even if some of these taxes would be collected on other entertainment options if the Bucks left — to see if they can get to $250 million. This is where that “ancillary development” that the Bucks owners promised last week comes in handy: If you package together enough stuff, and count up all the taxes that it’ll be paying, and then pretend that nothing else that would pay taxes will ever get built if not for the Bucks’ presence, then it’s all free money to the state and city, so why not just hand it right back to the Bucks owners, right? Right?
It all sounds so reasonable, and makes me yet again sad that I can’t find a YouTube video of that “Odd Couple” episode where Oscar’s gambling buddy wins big at Felix’s opera club casino night, uses the money to repay Oscar on a debt, and then Felix insists that it’s really his money and Oscar should give it to him, because “it’s from me to him to you to me, like an isoceles triangle.” Math is tough!