City finance committee says yes to arena funding
The Bucks arena plan cleared another hurdle without much push-back as the City's Finance and Personnel committee approved the financing files. Now it will move to the full Common Council September 22.
The only city alderman who spoke against it was Alderman Nik Kovac who said if the city is indeed an investor in this, the city should recoup some of the benefits. He wants the city to be paid back if the franchise value increases because of this investment. But Kovac knows the Bucks do not like the idea.
"If there's a mechanism for us to potentially get paid back if the asset value increases," Kovac said. "That way we would be actual investors in this. In that way, we would actually own the future in a tangible way not just as a slogan."
Alderman Witkowski, Perez, and Hamilton all spoke in support, so did Alderwoman Milele Coggs.