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.
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 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.