Financing is in place for construction of a $30 million FC Cincinnati training facility and youth academy in Clermont County.

During a Sept. 5 meeting, the Clermont County Port Authority approved the issuance of $30 million in lease revenue bonds for the construction.

Under the agreement, the Port Authority will hold the land and facilities which it will lease to FC Cincinnati. The bonds approved by the Port will be privately purchased by the soccer club.

The agreement also includes tax incentives. The construction materials will be exempt from sales tax, an incentive worth about $1 million. The soccer club will also avoid paying property tax with the tax-exempt Port Authority owning the land and facilities. The estimated value of the tax incentives is between $16 million to $20 million.

In lieu of taxes, FC Cincinnati will make a $50,000 payment annually to Milford schools plus provide the district with access to the training facility and coaches.

The Port Authority will receive a one-time fee of $105,000 and an annual average fee of $9,000, most of which will go to support various county levies.

The level of economic impact the county will see as a result of FC Cincinnati locating in the county justifies the level of incentives provided, said Andy Kuchta, Port executive director and secretary. There is language in place to protect the county should the anticipated economic impact not materialize, he said.

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Agreements negotiated to bring the soccer club to Clermont County involved the city of Milford, the Clermont County Convention and Visitors Bureau, the Port Authority, and FC Cincinnati.

In August, Milford council agreed to buy the land needed for the soccer facility. To do this, council approved the issuance of $3.5 million in securities to cover a portion of the $5 million land cost. The club is responsible for the remaining $1.5 million.

Per the agreement, Milford will buy the 24 acres of land along U.S. 50 near Interstate 275 and turn it over to the Port Authority.

Also last month, the county commissioners approved an additional 1 percent lodging tax. The $224,000 the tax is estimated to raise annually will flow through the county’s visitors bureau to Milford for debt payment.

The money will not be enough to cover Milford’s full annual debt service of nearly $270,000. Milford taxpayers will be on the hook for the remaining annual balance of $43,000 to $47,000.

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