Thursday, September 30, 1999
City bonds will back expansion of Sabin center
Project gets boost of $50.8 million
BY PHILLIP PINA
The Cincinnati Enquirer
The expansion of Cincinnati's convention center received a big boost Wednesday when City Council agreed to issue $50.8 million in bonds for the project.
Backers said the bond money is an important step in gathering support and money from state and county sources to complete the project. The estimated cost of expanding the Albert B. Sabin Convention Center has ranged between $350 million and $405 million.
“We need to take the lead on this project,” said City Councilman Todd Portune. “After all, it's our facility.”
The 30-year bonds amount to about $3.4 million annually from the city's general fund, Mr. Portune said. Given the city's revenue growth and past surpluses, the debt service will be easily covered, he said.
Mr. Portune said the city cannot ask Hamilton County, the state and other sources to contribute to the project without making the commitment itself. Earlier this year, the city passed an increase in its hotel tax for the project.
Downtown businesses and convention leaders have been pushing for the expansion of the hall for the past decade because many conventions have outgrown Cincinnati's center. The expansion would more than double its size.
According to a financial plan, getting the project done will also require $30 million from the state, and $15 million in liquor profit bonds to be paid off by the city and county. The county is also being asked to issue $50.8 million in bonds.
Contributions are also expected from businesses and other sources. Delta Air Lines has agreed to a $30 million deal giving it naming rights.
With the city's decision to issue bonds, expansion backers can now focus on the rest of the contributors, said Michael Wilson, president of the Greater Cincinnati Convention and Visitors Bureau. The city's effort shows them there is a commitment to expand the center, he said.
Council passed the measure Wednesday by an 8-1 vote, with Councilman Phil Heimlich the lone opponent. He said the bond issuance was rushed through council. He was concerned the city is committing so much money that it would hamper other city services.
An anti-tax group has vowed to fight City Council's actions on the convention center funding. Tom Brinkman Jr., founder of the Coalition Opposed to Additional Spending and Taxes, said he will seek a ballot initiative challenging the plans later this year.
“If they were real leaders and they wanted to build consensus, they would put it on the ballot,” Mr. Brinkman said.
Cincinnati's convention center was last expanded in 1987, and since then neighboring cities like Columbus and Indianapolis have expanded their halls. To compete, Cincinnati wants to expand its convention center from 245,000 square feet to 640,000 square feet. Proposals include extending the center over Interstate 75 on the western edge of downtown.
Mr. Portune had suggested issuing up to $70 million in bonds to include other urban renewal projects. But he split the proposal up to ensure support for the expansion project.
He asked council to consider a second $19.2 million bond plan over the next few weeks as part of his “Rebuild Cincinnati” project, which includes infrastructure improvements as well as other neighborhood revitalization issues.
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