The Budget and Finance Committee of Cincinnati City Council has scheduled a meeting for Monday to discuss and pass any and all related ordinances for construction of a new soccer stadium for FC Cincinnati.
The ordinance which will be discussed would authorize the city manager to execute agreements and take the steps necessary to provide financing and construction of certain public infrastructure improvements in connection with construction of a new soccer stadium in Oakley. FC Cincinnati has agreed to fund the $200 million cost of the stadium but is asking the city and county for $75 million worth of site improvements associated with construction.
The deal includes cash from the reserve fund the city has, as well as tax revenue from development in the Oakley area and money from the local hotel tax. It also includes a number of tax breaks exempting the club from paying property taxes on the development as well as income taxes on their employees.
You can read the entire Memo of Understanding by clicking here.
We know that there are two members of council who have publicly said they are voting against the deal, Chris Seelbach and PG Sittenfeld. Two other members, Amy Murray and Kevin Flynn say they will vote yes. Chris Smitherman who is considered one of the swing votes tells our Bill Cunningham he is a "lukewarm maybe to a no." He says there are too many questions still to be answered about where the money to support the deal is coming from. Smitherman says he hopes city administrators and FC Cincinnati will be very clear about the costs at Mondays meeting. Smitherman says with the limited information he has right now, he doesn't think the owners of FC Cincinnati would approve this deal for their own businesses.