Will taxpayers own a 3rd stadium?

The proposed six-page ordinance and a seven-page memorandum of understanding  outline the city's commitment to pay for roads and other infrastructure for the 21,000-seat stadium. This includes:

  • $8 million from the Downtown/Over-the-Rhine East TIF district.
  • $7.2 million from the sale of the Blue Ash Airport.
  • Up to $1.5 million annually for 30 years from the city-portion of the Hamilton County hotel tax.
  • $2.5 million from the city's capital fund.

The memo of understanding spells out what the city expects from FC Cincinnati. This includes:

  • Privately paying for the stadium on the 13-acre site where Taft IT High School's Stargel Stadium now sits. Financing would be made through the Greater Cincinnati Redevelopment Authority, formerly called the port, which would own the stadium.
  • Paying 25 percent of what it would pay in property taxes on the stadium to Cincinnati Public Schools, an estimated $25 million over 15 years.
  • Entering a 30-year community benefits agreement (CBA) with West End stakeholders.
  • Addressing stadium-related "quality of life" issues in the West End such as noise and light pollution, traffic, litter and safety,
  • Contributing "no less than $100,000 annually to West End community groups."
  • Transfering purchase options on 60 parcels of land in West End to a private developer to be used for affordable housing. 
  • Committing to Cincinnati's economic inclusion goals regarding the hiring of women- and minority-owned businesses in the stadium.
  • Paying prevailing wages on stadium and infrastructure construction.

Amanda Seitz @AmandaSeitz1

Under FC Cincinnati West End legislation council will consider Monday, the @CincyRedevelops will own stadium, soccer club will lease from authority. That means Hamilton County taxpayers will be proud owners of a third sports stadium.

Jeff Capell @JeffCapell

Jeff Capell Retweeted Amanda Seitz

A raw deal for county residents. We're stuck owning another stadium, while the County and City apparently get $0 of property taxes. And paying $50 million of subsidies for the privilege.

A further raw deal - Cincinnati is giving a 50% income tax credit to the team for 15 years. Welfare for billionaires.