After hours of questioning, Warren County commissioners approve credit‑support application for Renaissance Pointe event center

Warren County commissioners voted to approve a credit‑support program application tied to the proposed Renaissance Pointe event center in Middletown after an extended presentation from the developer, operators and independent consultants and prolonged questioning by commissioners about financing risk.

Todd DuPlane, a principal with Water Development, described the 50‑acre mixed‑use site and said the arena is meant to be the project's "heartbeat." He told the board his group had committed a "30‑year $25,000,000 TIF guarantee" and expected to invest "another $80,000,000" into the site, characterizing the developer contribution as a material alignment of private risk alongside public partners. "We're not asking you to invest alone," he said.

Financial adviser Andy Brosart of Bradley Payne Advisors outlined a three‑part capital stack: a senior tax‑exempt lien (about $75 million, funding roughly $50.7 million to the project fund), a middle tranche of about $25.5 million that the developer asked the city and county to help backstop, and a subordinate high‑yield tranche. Brosart said the package included about $4.1 million of county ARPA funds and about $3 million of city ARPA and that named revenue streams to repay bonds included facility operations, ancillary revenues and a 3% hotel/bed charge in the district. He estimated aggregate annual debt service in the roughly $7 million to $9 million range. "The debt service per year…that's correct," Brosart said when commissioners pressed for clarity on principal and interest.

Independent consultant Victus Advisors presented downside, most‑likely and upside pro forma cases and told the board its "most likely" EBITDA projection for operations was about $9 million; the downside/lender case still showed positive EBITDA (~$7.52 million). Developers and operators said a diversified operating plan — a USHL junior hockey franchise (about 32 home games) plus an at‑risk concert and events program they said could deliver 30–35 concerts a year — underpinned revenue assumptions.

Commissioners pressed repeatedly on how probable those concert‑and‑operations assumptions are, the meaning of "at‑risk" promoter models and who would bear losses if revenue shortfalls occurred. One commissioner summarized his view bluntly: "I do not support this," citing concern about public exposure and the county's reputational risk. Another commissioner argued the county's role includes facilitating economic development, saying the project could extend the tourism season and generate sales‑tax revenue for the county.

Before adjourning the meeting, the board approved a motion to authorize a credit‑support program application for the Renaissance Pointe financing; the clerk conducted a roll call that recorded affirmative responses from the three commissioners and the application was approved. The resolution instructs staff to proceed with the application and related financing steps; detailed bond terms and any cooperative agreements will return to the board for later approval.

Action taken at this meeting does not itself issue bonds or change ultimate legal liability beyond the approved application; the transcript shows repeated clarifications that the Warren County Port Authority would be the issuer of the revenue bonds and that the county's direct contingent obligation in the proposal covers a portion of the mid‑tranche and would be subject to future formal agreements.