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County Staff: Middletown Arena Project in Underwriting; Commissioners Seek Clearer Public Briefing on County Role
Summary
County staff reported the Middletown mixed-use arena project is in underwriting with Barclays and under peer review; staff said about 60–70% of space is preleased to prospective users. Commissioners questioned whether Warren County was seeking capital dollars and asked for clearer public vetting of the county’s role.
County staff told Warren County commissioners that the proposed Middletown mixed-use arena and development is in underwriting with Barclays and that a peer review of the project’s pro forma is nearly complete.
“Barclays wanted a peer review,” a county staff member reported, describing work by a Utah firm performing the review. The staff member said the project team has provided development pro forma and that the peer review is expected to be completed “this or next week.”
County staff said earlier spending of ARPA funds covered design work up through design development drawings, and that construction drawings will not be produced until financing is in place. On the project’s market assumptions, staff said they are “probably 60 or 70% prelease from end users,” citing interest from a concert promoter and parties connected to the United States Hockey League.
Staff also summarized past attempts to qualify the project for a state transformational mixed-use development (TMUD) tax credit; the state determined the project was not eligible because it involved government ownership structures such as a port authority. Staff said other state programs were being explored, including a program for sports and recreation facilities that rule writers expect to open in mid‑2026, and possible roadway funding (referred to in the meeting as “$629” dollars) to offset infrastructure costs.
Commissioners raised questions about the county’s role and whether Warren County itself would be the applicant for any state capital dollars. One commissioner said they had not been kept fully informed and asked that commissioners be provided a thorough briefing before any formal county requests are advanced to the state. The commissioner also asked who is directing port authority staff and how the county’s involvement is being defined.
County staff said the port authority and private developers are leading project marketing and that private operations and net operating revenue are expected to be the basis for bond support if financing proceeds. No county vote or formal funding commitment was recorded in the provided transcript excerpt.
