Tuesday, May 20, 2008

Ohio taxpayers to help fund Lucas County's arena

The plan for funding the now $108 million cost of the new downtown arena got a boost with the announcement of Ohio's capital budget.

The Blade article still has the 'old' price of $105.9 million, despite the county's draft budget submitted to the Ohio Cultural Facility Commission which shows the higher amount.

There is already $5.5 million at the OCFC from previous capital budgets and the new budget includes another $2.2 million. However, the original financing plan for the arena, when the cost was only $80 million, called for $12,250,000 from the state through the OCFC.

The price of the arena has increased $28 million and one of the available funding sources is short $4.55 million - so there is $32.55 million of funding which has yet to be identified.

The commissioners have said the arena has to pay for itself. However, they haven't said where they're getting this extra money - and they're continuing to build it. In fact, on June 4th, the commissioners will "host a major design roll-out" for the public. As they've said they need the final designs in order to complete the financing plan, perhaps after June 4th when the 'final design' is public, they'll explain exactly how the project will be paid for, keeping in mind their promise that the only tax dollars to be used are from the hotel/motel tax.

6 comments:

Tim Higgins said...

Maggie,

I am truly disappointed that the design roll out meeting is not until June 4th. I was trying to get a submission in for a writing contest, and figured on using this announcement as a submission in creative fiction. Now I am going to have to rely on my own ability to spin tales of fantasy.

Where is government support when you need it?

navyvet said...

Tim...do your best...can't wait for the final edition. Could be a "back slapper."

Maggie....thanx as always...without you we would be further in the dark on L/C finances...

Most of the media in T Town is so inept.

Robin said...

Maybe they should have a bake sale, or something.

The A-Hole Lawyer said...

Fatties - Foreclosures - and Floatillas

The city recently addressed a myriad of issues related to health, economic development and growth in our fair city and county. Over the last weeks the Mayor and council have voted, regulated and proselytized in areas of health (our fat city) land ownership and transfer (land contract restrictions) and recreational development (the marina funding).

Now more state tax dollars (still your money) are bing funnelled down this drain.

See my full post at

www.theassholelawyer.blogspot.com

The A-Hole.

Ben said...

I am sure taxpayers will get a discount on parking or concessions or something.

Maggie Thurber said...

Ah, Ben, you are so naive...

:)

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