Details of the proposed legislation to fund the Cincinnati FC stadium were finally released on Wednesday. The package sets the price for the new 21,000 stadium at $ 212.5 million and includes a second stadium garage or parking lot with 750 spaces.
If passed, the legislation (which you can see in its entirety below) would bring the team one step closer to building the West End and possibly securing a Major League Soccer franchise.
The proposed six-page regulation and a seven-page memorandum of understanding describe the city’s obligation to pay for roads and other infrastructure for the 21,000-seat stadium. This contains:
- $ 8 million from the TIF Downtown / Over-the-Rhine East district.
- $ 7.2 million from the sale of Blue Ash Airport.
- Up to $ 1.5 million annually for 30 years from Hamilton County’s hotel tax district.
- $ 2.5 million from the city’s capital fund.
The money could be used for a public parking lot or a 750-space garage. The parking lot would be in addition to a 1,000-space garage that Hamilton County has agreed to build the Central Parkway on the northeast corner of the stadium grounds.
The city documents do not indicate where the garage or parking lot will be built. City officials have been discussing with Cincinnati Center City Development Corp. since last year. (3CDC) on replacing the garage in the city center across from the Music Hall. The garage is a block and a half from the stadium.
Eventually, the Oakley stadium plan approved by the council in November would be repealed by the new legislation
A 15 year job retention tax credit equal to 50 percent of club employee income tax deduction is also offered in the West End regulation. The proposal does not specify how many jobs will be affected or the value of the tax cut.
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The Memo of Understanding describes what the city expects from FC Cincinnati. This contains:
- Pay privately for the stadium on the 13 acre site that is now Taft IT High School’s Stargel Stadium. Funding would come through the Greater Cincinnati Redevelopment Authority, formerly known as the Port, which would own the stadium.
- Payment of 25 percent of stadium property taxes to Cincinnati Public Schools, estimated at $ 25 million over 15 years.
- Conclusion of 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,
- Contribution to “no less than $ 100,000 a year for West End community groups”.
- Transfer of purchase options on 60 lots in the West End to a private developer for affordable housing.
- Commitment to Cincinnati’s economic inclusion goals in terms of ceasing women and minority businesses in the stadium.
- Payment of the applicable wages for the stadium and infrastructure construction.
The legislation has been referred to the Budget and Finance Committee. This committee meets on Monday at 1 p.m. Eight of the nine council members are on the committee.
A special session of the city council could be held the Monday after the budget and finance session to vote on the regulation. No meeting is scheduled, but a meeting can be held at least 24 hours in advance. It could be convened by Mayor John Cranley or any two councilors.
This would finalize the financial part of a city’s stadium deal ahead of the MLS Board of Governors meeting in New York City on Tuesday.