Committee forwards Gateway financing record to full council, recommends suspension of second reading

Council member Turner opened a March 11 Committee of the Whole session by explaining that a fiscal resolution had been pulled so new members could review last year’s approved funding for Progressive Field and Quicken Loans Arena. "Remember, the county agreed to pay 20,000,000, and the city also agreed to pay $20,000,000," Turner said, and asked the Office of Budget and Management to present details about recording the Gateway notes.

Walter of the fiscal department, joined by Bob France of Stifel, told the committee that recording the transaction required resolution 2025-0096, which amends the 2024–2025 biennial operating budget to provide additional appropriations and transfers. Walter said the county’s $20 million commitment includes general obligation anticipation notes (authorized up to $14,550,000), indenture funds (approximately $2,948,050), and casino tax revenue. He said the county issued bond anticipation notes for roughly $14,220,280—less than the authorized amount—and that the two items before the committee were requests to (a) appropriate $2,850,000 from casino taxes and (b) appropriate $14,220,000 from the county investment portfolio to reflect the issuance in the county's system.

Council President Miller asked for clarification about the casino revenue appropriation’s effect on other funds, noting that the $2,850,000 would be taken "off the top" before distribution between the Community Development Fund and the Economic Development Fund. When a council member asked what 'indenture funds' meant, Bob France explained they came from a 2017 bond trust set up for arena renovations and described those funds as restricted for capital repairs at the arena.

After discussing the administrative nature of the item—Walter and France said the financing transaction was completed on January 16 and this action is to record the notes—the committee considered a motion. Councilman Miller moved to "favorably prefer resolution 2025-0096 to the full council with recommendation for second reading suspension." The motion was seconded, a voice vote was called and the committee approved the motion; the chair declared "Motion carries." The item will proceed to the full council for final action.

Separately, a council member asked that the treasurer come to the Committee of the Whole to discuss a letter the treasurer had written regarding counsel actions; staff were asked to locate and circulate the letter for council review. With no further business, the committee adjourned and the council was scheduled to convene at 5:00 p.m.