CINCINNATI — A $200 million renovation project will soon close Duke Energy Convention Center for about 18 months, but there were still questions about the project's funding — as well as the funding for the $680 million "headquarter hotel" planned for across the street — at Tuesday's Hamilton County Commissioners meeting.
July 1 is the anticipated start date of construction on the convention center. On Thursday, commissioners will vote on the terms of the construction as well as the financing plan of the project between the county and the City of Cincinnati. But on Tuesday, there appeared to be some confusion about what's happening and who is paying for it.
WCPO showed new renderings of what the newly renovated convention center will look like on Jan. 31. It includes a wall of windows, with a more modern design on the inside. During a presentation from Visit Cincy, WCPO learned the former Millennium Hotel site will also become part of the convention center.
"I want to make sure this plaza that cost us $55 million and has green space, I just want to make sure that's not separate," Alicia Reece, president of the Hamilton County Board of Commissioners, said at Tuesday's meeting.
Hamilton County Administrator Jeff Aluotto went over the financing plan of the project. The city and county will pay for the renovations using the transient occupancy tax, also known as a hotel tax.
"Basically taking all of our occupancy taxes, pulling them together, in one financing plan to fund this public project," Aluotto said.
During Tuesday's presentation, commissioners said the city and county have already put up about $45 million in cash to get the project started.
Aluotto also updated commissioners on the funding gap that still stands with the plan for a brand new "headquarter hotel" across from the convention center. On top of the $40 million award from the state of Ohio in tax credits, House lawmakers passed a spending bill that includes $22 million to pay for the new hotel.
"I think the two things that had been announced to date get us significantly there," Aluotto said. "We are hoping for similar action from the Senate as well and we also have other tools in our tool belt as well in terms of the occupancy tax incremental financing off of headquarter hotel itself, a 1% new community authority fee."
Prior to those two financial announcements, there was still about a $160 million financial gap, 33% of the project, to pay for the new hotel.
"On here there's just been so many things," said Reece.
Reece had questions about 3CDC's role in the project and how much taxpayers are paying them.
"Is there any more fees that would go to them besides $3.75 million?" Reece asked Aluotto.
"Not for this particular project now," he replied.
But Aluotto confirmed there are still unknowns about paying for the hotel project.
A presentation also showed taxpayers still owe about $98 million from the existing Duke Energy Convention Center. That money will carry over with the new convention center project.
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