Cincinnati Council is expected to vote Wednesday to issue $8 million worth of bonds to finish another portion of Smale Riverfront Park. That borrowing likely will mean city homeowners will not see a decrease in a portion of their city property taxes.
Issuing bonds is essentially the same thing as taking out a mortgage on a house. You get a large lump sum of money up-front and then pay it back over a long period of time. The city sets aside a portion of its property tax revenue to make these payments.