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Council approves use of county tourism funds for Innovation Mile arena and authorizes bonds for Embrace Downtown Phase 1
Summary
The council approved ordinance 404-11-25 to use Hamilton County innkeepers (tourism) tax revenue to pay part of arena bond repayment at Innovation Mile and approved ordinance 45-11-25 authorizing up to $6.5 million in bonds to finance Phase 1 of the Embrace Downtown project; both measures passed by roll call votes of 9-0.
The Common Council voted unanimously on two ordinances affecting downtown projects and debt service.
Tom McDonald, deputy financial officer, explained ordinance 404-11-25 would appropriate revenue the city received from Hamilton County innkeepers (tourism) tax to pay a portion of bond repayment for the arena at Innovation Mile; the approach frees TIF revenue for other investments. After opening and closing the public hearing with no public speakers, the council approved the ordinance by roll call (9 Aye, 0 Nay).
Council also approved ordinance 45-11-25, a bond authorization for Phase 1 of the Embrace Downtown project. The ordinance authorizes up to $6.5 million in bonds, depending on final project cost; McDonald and staff said debt service for that bond will be paid from food and beverage revenues. The motion passed by roll call (9 Aye, 0 Nay).
Both votes followed prior committee discussion; no amendments were introduced at the Dec. 2 meeting.
