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Commissioners finalize execution plan for $3.5 million Aspire/Verizon Center memorandum of understanding
Summary
The board confirmed prior approvals and authorized execution of a memorandum of understanding to provide Aspire $3.5 million with terms for reimbursements if the center fails to operate the full agreed term; the MOU had been approved twice previously and the board directed execution.
Hamilton County commissioners confirmed and prepared to execute a memorandum of understanding that provides $3.5 million to Aspire for the Verizon Center project, after legal review and two prior approvals earlier in the year.
Dennis Sandler of Bose McKinney & Evans, acting as bond counsel for the county, explained the reimbursement-resolution framework used to protect federal tax-exempt treatment of bond-funded reimbursements. Staff said the MOU had been approved twice previously by the board and that execution now is administrative: the document requires the president’s signature after legal review.
County staff described the MOU terms in summary: the county would provide $3.5 million; Aspire would not pay a service fee for six years while the center is operational. If the Verizon Center is not operational for six years, Aspire would reimburse the county $500,000 for each year short of that term. Commissioners were told the MOU is "extremely simple" and has been through legal review and prior board approvals; no further public discussion was requested.
The board did not re-vote on the substance because the item had been previously approved; staff said the president will execute the MOU once legal finalization is complete. Staff also connected the financing item to a separate reimbursement resolution previously presented to protect the county’s federal tax position for financing related to real estate acquisition and improvement projects.
