Mon September 9, 2013
County considering 3-year stadium fund plan
Hamilton County Commissioners could take the first steps Wednesday toward balancing the stadium fund for the next five years.
The plan is much the same as last year, but involves a different bank and a three-year deal. Essentially the board would take out an insurance policy with PNC Bank to cover the bulk of the debt and fund what's left from county reserves.
Commissioner Greg Hartmann favors the plan saying, "This also gives us the ability to get to a point in time, 2016, where we have the potential to refinance, which could also show significant help to the fund."
Last year's policy with BBVA Compass Bank cost $300,000. The new policy would cost $330,000 over three years. The projections are based on a five-year model that assumes the property tax rebate, promised to voters when they approved the sales tax increase to build the stadiums, will remain at the current, partially funded level.
The county would also have to move $4.3 million in sales tax funds into its reserve fund to help assist in meeting debt service fund requirements.
Stadium fund balanced for one year
stadium fund deal