Monday, March 06, 2000
County rethinking parking at stadiums
Cost overruns force review
BY DAN KLEPAL
The Cincinnati Enquirer
There are still more questions than answers when it comes to how Hamilton County pays for an estimated $45 million in cost overruns at Paul Brown Stadium.
Overruns, acknowledged publicly for the first time Feb. 14, have caused the county to rethink when it will build $180 million in parking and other infrastructure improvements along the riverfront.
County officials have been working with financial adviser Ted Ricci to figure out what adjustments must be made. Mr. Ricci was to present options to commissioners today but that was postponed to March 15.
Suzanne Burke, county director of administrative services, said officials are trying to distinguish between immediate projects and what can wait.
In a Feb. 23 memo, Mr. Ricci posed several questions:
• What is the lowest cost possible for parking?
• What is the cost of building surface parking only?
• What construction can be delayed while fulfilling lease obligations for sports?
• What portion of the project has the highest cost and can be pushed back farthest?
Mr. Ricci has said the county must adjust how it pays for infrastructure for the half-penny sales tax to cover infrastructure and two new stadiums. Options include:
• Reducing or delaying public improvements.
• Issuing new, subordinate bonds that are inherently riskier and force the county to pay higher interest, or locking into an interest rate now for Reds ballpark bonds that go to market this summer.
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