News & Notes, September 10, 2013
Note: Ohioans love our sports. Win or Lose, Ohioans are true fans to the end. Yet, Sports stadium financing continues to prove complex and raises questions about the best use of community resources, the economic impact of professional sports, and who should own the stadiums. There continues to be much debate and emotion on these issues, and a balanced approach to budgeting remains the best avenue forward. In 1996, Hamilton County adopted a tax plan to finance the stadium and modify local property tax laws. However, with the recent elimination of different state tax reimbursements, elimination of the estate tax, and a 50% cut to the local government fund, Hamilton County needs to re-think the 1996 deal to make sure it can meet the contractual obligations to the Bengals and meet basic community needs. State cuts continue to constrain our local communities and create difficulty for local governments across Ohio.
Note: Casino revenues have been well below the promised levels and continue to fall short in replacing the state cuts to the local government fund and other revenue sources for local communities.