Bruce Murphy of Urban Milwaukee has estimated how much a full property-tax exemption for a new Bucks arena would be worth, and has come up with $325 million over 25 years. That’s a present value of about $180 million, which would be even more than the $150 million in direct cash subsidies that is being bandied about.
Given that not only the Brewers‘ Miller Park but the Bucks’ existing Bradley Center — notwithstanding its “100% privately funded” rep — got similar tax breaks, you have to expect that a new arena would, too, which means the Bucks could be asking for $330 million total in public subsidies for their project. I suppose if the Bradley Center is torn down and whatever is built there is returned to the tax rolls that would lessen the public cost a bit. But still: When calculating public sports venue costs, please remember to include all the costs. Got that, Don and Rich?
What’s particularly stunning, although at this point not surprising, is that this information is nowhere to be found in the pages of the Milwaukee Journal Sentinel. I would think the taxpayers of southeast Wisconsin would welcome knowing how much they’re REALLY going to be on the hook for.