FC Cincinnati Passes on CPS Counteroffer

posted by 700WLW News - 

( West End ) - There was speculation this week that a deal for FC Cincinnati to acquire land from Cincinnati Public Schools to build a stadium may have been dead, but as of Friday night, it seems fairly certain. 

As promised, CPS released a payment plan on Friday afternoon that would allow FC Cincinnati to pay $20.4 million over twelve years, as opposed to ten

CPS FC Cincinnati Deferred Payment Plan

FC Cincinnati this week called $750,000/year for the first ten years followed by a consistent annual amount thereafter its best and final offer. The school district said that offer was less than half of what the land would be worth after $250 million in improvements. CPS says paying roughly $2 million dollars a year in lieu of taxes would be in keeping with the district's tax abatement agreement with the City of Cincinnati that dates back to 1999. The board has said it plans to vote on the above proposal at its regular meeting on Wednesday, March 21.

On Friday evening, FC Cincinnati released a statement saying "the economics of privately funding a stadium in the West End community are impractical." FCC's letter argues that its offer is more than what CPS currently gets for the land, and that a new stadium and new organizations would've all benefited the community. 

The FC Cincinnati letter closes by saying:

"This was a once in a lifetime development opportunity for a neighborhood that wants and needs new investment, and the jobs and business opportunities that would have come with it. FC Cincinnati regrets that it will be unable to construct a stadium in the West End community and have moved our focus to Oakley and Newport. While we are disappointed we will not be neighbors with our new friends in the West End, we are committed to remaining partners working to improve the quality of life in the neighborhood."

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