City's FC Cincinnati stadium deal includes paying for 750 additional parking spaces

Details of the proposed FC Cincinnati stadium financing legislation finally were released Wednesday. The package sets the price of the new 21,000-stadium at $212.5 million and includes a second stadium garage or parking lot with 750 spaces.

If passed, the legislation (which you can see in its entirety below) would put the team one step closer to building in West End and possibly securing a Major League Soccer franchise.

The proposed six-page ordinance and a seven-page memorandum of understanding outline the city's commitment to pay for roads and other infrastructure for the 21,000-seat stadium. This includes:

$8 million from the Downtown/Over-the-Rhine East TIF district.

$7.2 million from the sale of the Blue Ash Airport.

Up to $1.5 million annually for 30 years from the city-portion of the Hamilton County hotel tax.

$2.5 million from the city's capital fund.

The money could be used for a 750-space public parking lot or garage. The parking would be in addition to a 1,000-space garage that Hamilton County has agreed to build off Central Parkway at the northeast corner of the stadium site.

The city documents don't specify where the garage or parking lot would be built. City officials have been discussing with the Cincinnati Center City Development Corp. (3CDC) about replacing the Town Center garage across from Music Hall since last year. The garage is a block and a half from the stadium site.

Finally, the Oakley stadium plan, approved by Council in November, would be repealed by the new legislation

A 15-year job retention tax credit equal to 50 percent of the income tax withholding of club employees is also being offered in the West End ordinance. The proposal doesn't specify how many jobs are involved or what the tax cut is worth.

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The memo of understanding spells out what the city expects from FC Cincinnati. This includes:

Privately paying for the stadium on the 13-acre site where Taft IT High School's Stargel Stadium now sits. Financing would be made through the Greater Cincinnati Redevelopment Authority, formerly called the port, which would own the stadium.

Paying 25 percent of what it would pay in property taxes on the stadium to Cincinnati Public Schools, an estimated $25 million over 15 years.

Entering a 30-year community benefits agreement (CBA) with West End stakeholders.

Addressing stadium-related "quality of life" issues in the West End such as noise and light pollution, traffic, litter and safety,

Contributing "no less than $100,000 annually to West End community groups."

Transfering purchase options on 60 parcels of land in West End to a private developer to be used for affordable housing.

Committing to Cincinnati's economic inclusion goals regarding the hiring of women- and minority-owned businesses in the stadium.

Paying prevailing wages on stadium and infrastructure construction.

The legislation has been referred to the Budget and Finance Committee. This committee meets Monday at 1 p.m. Eight of the nine council members are on the committee.

A special session of City Council could be held on Monday after the Budget and Finance meeting to vote on the ordinance. No meeting is scheduled, but one could be called with at least 24 hours advance notice. It could be convened by Mayor John Cranley or any two council members.

This would wrap up the city's financial piece of a stadium deal ahead of Tuesday's MLS board of governors meeting in New York City.