Cincinnati Stadiums Bury County Government in Debt
By Darrell Preston and Aaron Kuriloff - Dec 17, 2013
When voters approved a sales-tax increase to pay $540 million toward stadiums for Cincinnati’s professional baseball and football teams almost two decades ago, city leaders promised lower property levies and a business district along the Ohio River.
The tax relief hasn’t materialized as pledged, said Todd Portune, a commissioner in Cincinnati’s Hamilton County. Instead, the county government is grappling with annual stadium expenses totaling at least $43 million this year, including debt service, county documents show. Residents have seen a public hospital sold, mass-transit investments postponed and little private development near the stadiums that didn’t involve additional public subsidies, Portune said.
“It’s an albatross that hangs around our necks,” said Portune, who has dealt with the cost for almost 13 years in office. “Every year it forces us to either come up with more revenue or take away from spending for other things the county needs.”
Cincinnati is one of dozens of cities and states where officials’ promises tied to sports venues were undone by unexpected finance costs, insufficient tax revenue or surging expenses, causing leaders to raise taxes or redirect money.
Communities’ Burden
From hockey and spring-training facilities in Glendale, Arizona, to the National Football League stadium in Indianapolis, the costs of hosting professional sports aggravated the collapse of revenue during the past two recessions and burdened cities and states. Minnesota officials this year had to find revenue for a $975 million domed stadium under construction for the NFL’s Vikings after an initial tax source fell short.
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http://www.bloomberg.com/news/2013-12-18/cincinnati-stadiums-bury-county-government-in-debt.html
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